Award Winning Restaurant Opportunity in the historic city of Oxford
Confidential Sale
Oxford, Oxfordshire
Advert ref: AC8886SJG
Business Partnership is delighted to offer a rare and exciting opportunity to acquire a very long established licensed restaurant which has been trading for almost 30 years in the historic city of Oxford.
The brand name is extremely strong and the restaurant is something of an institution within the city.
We strongly recommend that any seriously interested party make contact with us as soon as possible, by hitting the 'Enquire about this business' button and completing the necessary non-disclosure agreement.
The brand name is extremely strong and the restaurant is something of an institution within the city.
We strongly recommend that any seriously interested party make contact with us as soon as possible, by hitting the 'Enquire about this business' button and completing the necessary non-disclosure agreement.
Key features:
- Long established restaurant
- Located within the Affluent and Historic City of Oxford
- Net sales in year to June 2022 in excess of £1.5 million with high six figure profits generated.
- Impressive trading premises across four floors
- Would suit hands-on working owners, a restaurant group or investors
- Dining areas providing 92 covers
- Highly confidential sale
- Outstanding Tripadvisor and Google Reviews
Property Details: Leasehold
Asking Price: £775,000 + SAV (Leasehold)
Turnover: £1,506,953 Annual
Size in Sq Ft: 2056
Lease Terms:
The property is held on a fully repairing and insuring lease from an Oxford College for a term of 20 years from 25th March 2017 at a passing rent of £64,000 per annum, exclusive of business rates, and subject to rent reviews every 5 years – next review due March 2027.
Subject to the status of the assignee, the landlord may require payment of a rent deposit equivalent to 3-6 months’ annual rental to be held for the duration of the lease. Interested parties should take this into consideration when preparing financial forecasts and budgets. The vendors provided a six months’ rent deposit.
Subject to the status of the assignee, the landlord may require payment of a rent deposit equivalent to 3-6 months’ annual rental to be held for the duration of the lease. Interested parties should take this into consideration when preparing financial forecasts and budgets. The vendors provided a six months’ rent deposit.
Reason For Selling:
The business is offered for sale pending the retirement of the proprietors.
Financial Details:
Financial information will be made available to seriously interested prospective purchasers at the appropriate time. These confirm post-Covid sales in the financial year to 30th June 2022 of £1,511,872 exclusive of V.A.T. generating significant six figure profits to a full-time ‘hands-on’ 2-person working partnership.
Price: is for the Leasehold Property, Goodwill, Trade Fixtures, Fittings and Equipment.
Stock: Wet and dry stock to be purchased at cost price value in addition at the date of completion and expected to be in the region of £15,000 – £25,000 depending on the time of year.
Stock: Wet and dry stock to be purchased at cost price value in addition at the date of completion and expected to be in the region of £15,000 – £25,000 depending on the time of year.
Rates:
Rateable Value: £73,500 (2017 Assessment)
Rates Payable: £18,816 per annum (2022/2023) after 50% Hospitality Relief.
Proposed Rateable Value: £59,000 (2023 Assessment)
Costs:
Each party will be responsible for their own costs associated with the transaction and will be subject to Business Partnership terms and conditions.
The purchaser/ingoing tenant is to be responsible for payment of the landlord’s costs in connection with obtaining consent to the assignment of the lease.
The purchaser/ingoing tenant is to be responsible for payment of the landlord’s costs in connection with obtaining consent to the assignment of the lease.
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Financial Details
- Leasehold: £775,000 + SAV
- Turnover: £1,506,953 Annual
- Net profit: undisclosed
- Fixtures value: undisclosed
- Stock value: undisclosed