Lucrative Italian Restaurant in Kent For Sale

Situated in a parade, excellent main road trading position, residential area, NORTH KENT

Turnover £ 35,000
Price £600,000

Features

Lucrative & Impressive Licensed Italian Restaurant

5 DAYS OPENING
OUTSIDE Tables and chairs providing seating for 58 People

TRIPLE FRONTED IMPRESSIVE PREMISES 3,100ft². Tables and chairs providing seating for 110 persons. Air conditioning with hot air. Wood strip floor, suspended ceiling with spot lights. Bar with seating for 8 persons.

OPEN PLAN KITCHEN, 3 range cooker, 1 combi oven, multiple freezers & fridges, stainless steel extractor unit, stainless steel table, double sink and drainer, dishwasher etc.

Walkin coldroom
Basement, used for storage purposes.

Separate Ladies and Gentlemens toilet with w.c. and wash hand basin
Additional Disabled Toilet

Turnover

WE ARE INFORMED by the owner the turnover currently averages £35,000 p.w. with a gross profit of 65% approx. We are advised the accounts for 2021 show £1,039,996 with a gross profit of £733,626 and a reconstituted net premium in the region of £250,000.

Staff

The business is at present operated by the vendor with the assistance of 5 kitchen staff plus 6 servers.

Trading Hours

5 Day week
WEDNESDAY - SATURDAY inclusive 12 noon - 10 p.m
SUNDAY 12 noon - 8 p.m
CLOSED MONDAY & TUESDAY
In our opinion there is potential for additional opening hours

Tenure

The vendor owns the freehold and subject to satisfactory references is prepared to grant a new 16 years full repairing and insuring lease at a rental of £98,000 p.a. with rent reviews every 4 years.

Business Rates from April 2021 £18,000 approx. payable (Please contact local authority to confirm)

Price

TO INCLUDE THE NEW LEASE, GOODWILL, FIXTURES & FITTINGS £600,000 plus STOCK AT VALUATION (£27,000 approx).
SUBSTANTIAL LOAN TO AN APPROVED APPLICANT.

**PLEASE NOTE THE PURCHASE OF THIS BUSINESS IS TO BE BY WAY OF SHARE TRANSFER OF THE LIMITED COMPANY**

Finance

Subject to status, you maybe able to borrow up to £ 300,000 (lease) to purchase this business, with a house or additional security you maybe able to borrow the full amount. Free Quote