8362L

• Private 15 year Free of Tie Lease. Approx. 8 years remaining (renewable under L&T Act).
• Quality multi-faceted business, food, real ale & letting.
• Lovely Restaurant areas (approx. 35+ covers), full of character – exposed beams, stonework, log-burning stove etc. High quality establishment.
• 5* Food Hygiene Rating.
• Cosy Bar/Dining Area – comfortable leather sofas, York Stone floors, attractive servery.
• Excellent well equipped catering kitchen.
• Car park; external Patio/Dining/drinking area.
• Attractively furnished 6 x en-suite letting bedrooms.
• Owners spacious character s/c living accom.
• Advised annual turnover Y/E February 2020 circa £348,000 (inc VAT), split approx. 65% wet, 20% food, 15% letting rooms. Genuine scope to increase food sales.
• Good business base attracting desirable clientele.
• View the website at: www.hardinge-arms.co.uk
• Realistic asking price.

Location

The business is situated in the affluent and historic village of Kings Newton Nr. Melbourne in Derbyshire, within minutes of both East Midlands Airport and Donington Park Motor Racing Circuit – close to junction 24 of the M1 motorway. East Midlands Airport is expanding at a massive rate and presently attracts circa 4 million passengers per annum in addition to accommodating many corporates, offices, units and other valuable sources of valuable trade. The premises are surrounded by similar affluent villages and various tourist attractions including Melbourne Hall, Calke Abbey, Staunton Harold Visitors Centre etc. Consequently this business is superbly located to attract a highly desirable clientele emanating from the many and various lucrative sources.

THE PROPERTY

The original 16th Century Inn has been sympathetically restored, preserving a wealth of original characteristic features culminating in a lovely atmospheric restaurant to please the most discerning diner. The Restaurant areas – (total 35 covers – scope for more) comprise of a ‘Lower’ area with oak flooring, intimate wall lighting, exposed beams and stonework, feature fireplace etc. Patio doors lead to the outside dining/drinking area with stone dining tables and chairs. The ‘Upper’ Restaurant area has intimate wall lighting, ‘brick’ flooring and a feature ‘Inglenook’ fireplace with real ‘log burning’ cast iron stove.

Bar/Dining area – with soft furnishings and tables. York Stone is prevalent throughout the floor area and the area has a cosy ambience and is presently furnished with comfortable leather sofas, chairs and standing area. Attractive and spacious Bar Servery – well equipped for the trade (equipment not tested). Ladies & Gents WCs – these are both of a high standard with glazed tiled walls and ceramic flooring commensurate with a quality food establishment. Cellar – refrigerated and part of the new build section hence purpose-built ground floor area – easily worked and close to the bar area in order to minimise beer wastage and maintain excellent quality of draught beers. Catering Kitchen – well equipped to a good standard equipment (not tested).

OWNERS ACCOMMODATION

Located on the 1st floor with additional separate entrance, the attractive accommodation is full of character and comprises: refurbished Bathroom/WC, Dining Kitchen area, Lounge, 2 x bedrooms.

LETTING ACCOMMODATION

Self contained with parking. There are a total of 6 x letting bedrooms (4 x double, 2 x twin) all with en-suite shower facilities. Due to the current operator’s personal circumstances, 2 of these rooms are used to accommodate family members. Therefore, new operators will no doubt substantially increase letting revenue by circa 30+% by letting these additional 2 rooms. The letting bedrooms are attractively furnished and well equipped with flat screen colour Freeview TV’s, tea/coffee making facilities, fridge etc. We also feel the current room rate of circa £45 (room only) could be substantially increased by new operators. The demand in this area is absolutely immense for letting accommodation due to the close proximity of Rolls Royce, Toyota, East Midlands Airport, DHL, Donington Park Motor Circuit and the future East Midlands Rail Freight Hub etc.

EXTERNAL

An attractive ‘sun trap’ patio area provides extra capacity for both dining and drinking trade. This area has stone tables and seating for approx.. 24. Rear tarmac car park, with additional blocked paving parking adjacent to letting rooms.

TRADING HOURS

We are advised that the business trades with the benefit of a new Premises Licence (no Licences seen) which permits the sale of alcohol during the hours of:

Sun – Thursday 10.00am – 12 midnight

Fri – Sat 10.00am – 1.00am

Usual opening hours (Covid-19 permitting) are:

Mon-Fri 3pm-12pm. Food served 6pm-9pm

Sat 12noon-12am. Food served 12noon-2.30pm

Sun 12noon-12am. Food served 12noon-4pm.

There is scope to increase food serving hours and also introduce and offer breakfast sales to the general public.

Prospective purchasers wishing to continue to operate the public house should ensure that they gain the APLH Qualification in readiness for their intended operation of this business.

GENERAL REMARKS

The business is being offered for sale as a lease assignment of a 15 year fully repairing and insuring lease (FRI) with approx. 8 years remaining of a highly sought after FREE OF TIE lease which we are advised is renewable under the Landlord & Tenant Act 1954.. The pragmatic annual rental is circa £30,000 (+ reclaimable VAT). Business rates payable are advised as being circa £9,907 pa. We are advised that all mains services are connected and the premises have the benefit of central heating. (no services seen or tested).

THE BUSINESS

This establishment has a good trading history over the years and Guy Simmonds have previously sold the lease on behalf of successful operators who have also enjoyed the lifestyle. The present lessees acquired the business in 2017 and are only selling due to genuine personal family circumstances. They currently run the business as a family lifestyle (as mentioned also utilising 2 letting bedrooms) with hours to suit, offering a limited menu of home cooked pub food. New operators may wish to continue this formula or offer a more specialised cuisine and take the business to the ‘next level’, thereby substantially increasing turnover. y/e February 2020 annual accounts declare turnover of circa £348,000 inc VAT, split 65% wet, 20% food, 15% letting. GROSS PROFITS at a healthy circa £165,000. Reconstituted NET PROFITS (after paying rent of £30k was declared at circa £40k + (after adding back Director’s renumeration, depreciation and motoring).

Customers comprise of friendly locals, together with commercial/tourist letting guests.

An absolutely unique + superb business opportunity offered on highly favourable terms, at a sensible premium/asking price.

Viewing appointments must be made by contacting Guy Simmonds at sales@guysimmonds.co.uk.

Accounting information is available following a formal viewing appointment.

Details prepared February 2020.