8442L

• Popular bar and bistro in an excellent location with massive growth potential.
• Traditional Main Bar area with a welcoming atmosphere (circa 40).
• Most impressive Dining area (circa 20).
• 2 bedroom owners accommodation with fitted kitchen.
• Commercial kitchen.
• Large outstanding beer garden 100 plus covers.
• Advised turnover circa £224,448 (incl. VAT) for year ending July 2022.
• Trade split 60% wet, 40% food (pre Covid).
• ‘Free of Tie’ lease 13 years remaining.
• Currently closed.

Location

This well appointed bar and bistro (formerly The Gatherers trading from The Old Woolpack Yard), is one of Norwich’s hidden gems and can be found nestling a few minutes walk from the vibrant and bustling city centre of Norwich. Norwich is Norfolk’s major city with a population of well over 200,000 and offers a vast array of amenities such a shopping malls, cinemas, leisure facilities, theatres, art centres, restaurants, cafes etc and is extremely popular and well known for its vibrant night life with many clubs and bars. Norwich is also well known for its historic buildings including the old town lanes, Norwich Castle and Cathedral. There are several colleges and universities including the University of East Anglia and Norwich University of Art. It is also host to a major league football club.

THE PROPERTY

Is an impressive 3 storey building of brick construction under a pitched tiled roof and has been maintained to a reasonable standard.

Bar (circa 40) has a welcoming atmosphere and is of traditional, style with wooden flooring, large brick feature fireplace with coal effect gas fire, wooden bar servery with wooden counter top, Stylishly furnished with wooden tables, matching chairs and stools.

Dining Area (circa 20) has been decorated and furnished to a high standard and has a bohemian feel with fitted and upholstered pew style seating, wooden tables, also benefitting from a pitched skylight roof and wooden flooring.

Ladies and Gents W.C. located on the ground floor and has been maintained to a reasonable standard.

Cellar which is on the ground floor incorporates a large separated storage area.

Catering Facilities there is a fully equipped commercial kitchen located on the first floor with stainless steel surfaces, extractor system, 4-ring gas burner hob and oven, double fat fryer etc. (equipment not tested). There is a fitted domestic kitchen in the owner’s accommodation, also a separate washing up and prep area incorporating glass and dishwasher on the ground floor.

Office/Store Room also on the first floor, this is a large room currently not in use but could be used for a further dining area or for small functions/meetings.

OWNERS ACCOMMODATION

Which is situated on the second floor comprises of 2 double bedrooms, bathroom, kitchen/diner and lounge.

EXTERNAL

To the front of the property there is a most impressive large beer garden of a 100 plus covers laid to cobble stones and gravel with outside bar unit, BBQ and an array of picnic benches.

TRADING HOURS

We are advised that the business trades with the benefit of the Premises Licence (not seen) which permits the sale of alcohol during the hours of:

Sun- Thur 12noon to 12pm

Fri/Sat 11am to 02am

Current opening hours are:

Closed ( not trading)

NB. Important. 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 the Public House.

GENERAL REMARKS

The business is offered for sale as a lease assignment with approximately 13 years remaining of a Criterian Asset Management (Wellington Pub Co) full repairing and insuring, renewable agreement. We are informed that the rent is currently £34,427.87 (+VAT) per annum with annual RPI increases and rent review in August 2025. We are advised that at the end of the term, the Lease (not seen by Guy Simmonds) should be renewable with no further premium – subject to the provision of the Landlord & Tenant Act 1954. We are advised that the business benefits from all mains services with gas heating (no services seen or tested). Business rates payable are advised as currently being circa £8,819 per annum.

THE BUSINESS

Our vendor client took over the business approximately 2 years ago and had built up a good and regular trade from the many surrounding businesses for bistro food whilst still operating as a popular and successful bar offering happy hours, afternoon cocktails etc. Because of its superb location and excellent outside facilities it was immensely popular as a destination bar and bistro and with the benefit of the late licence it was also very much part of the Norwich nightlife. Due to the Covid pandemic and other commitments our vendor client was finding it hard to continue and has decided to sell the business. The business is currently being run by the owner full-time and 1 part-time bar staff.

We are advised that management accounts show takings of circa £224,448 (inc. VAT) for year ending July 2022.

There is massive further growth potential for new owners to re-establish this business and to move it forward by promoting the truly excellent outdoor facilities, utilising the late licence and possibly introducing live music and extending the current opening hours, also by reintroducing a lunch and afternoon food offering to attract the many surrounding businesses and increase the dining area by using the first floor storage room.

Accounting information will be made available to interested parties after viewing.

This business was viewed by Geoff Bryan who would be delighted to discuss further details and can be contacted on 07887 571720.

Viewing appointments must be made by contacting Geoff Bryan on 07887 571720 or Guy Simmonds on 01332-865112 or by emailing sales@guysimmonds.co.uk.

Details updated 28th March 2023