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Superb Restaurant For Sale In Banbury, Bicester, Woodstock & Chipping Norton

Banbury, Bicester, Woodstock & Chipping Norton, Oxfordshire

Asking Price £72,000
Turnover Turnover not available

Business overview

Working and profitable A3/A5 licenced Italian Restaurant in centre of Banbury with easy potential for 5-7K takings per week. Recently started Just Eat and achieving 1.5K per week.

Business details

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Business description

Working and profitable A3/A5 licenced Italian Restaurant in centre of Banbury with easy potential for 5-7K takings per week. This is long leasehold for sale. Recently started Just Eat and is achieving 1.5K per week just in deliveries. Overall great potential to increase business turnovers with good marketing and advertising and extending opening time.
The Grade 2 listed building with Italian restaurant is thoroughly refurbished in 2014, internally re-plastered, with new heating and electric rewiring and a new prep kitchen in the basement. There is new non sleep floor, wall hygienic covering, one large fridge and one large freezer + 2 small freezers. Prep kitchen is equipped with a large dough mixer, 300 kg/h meat mincer, heavy duty meat slicer, up to 14” pizza dough roller, burger machine, sausage filler, ice maker, fat trap for purifying water system, double wash up sink, some metal shelving and wall cabinet. There are 3 storage rooms with doors and staff toilet. All equipment in the building is 2 years old.
On the ground floor is open plan kitchen with new 2 group coffee machine, large clay pizza oven (Clayburn made, powered by gas or wood or both). There is a large Fimar lava rock grill, deep fryer Lincat, 2 ring electric Lincat cooker, 3 display fridges and a new glass washer. Above cooking area is 3 m new extractor with carbon box and gas interlock system. Building has fire alarm on in all rooms and floor corridors and surveillance camera in the main restaurant area. On the ground floor are also 6 tables with 12 seating and the door to the back yard with the space for another 12-16 seating in spring and summer time.
On the first floor is one large room that can accommodate about 18 people (for Christmas party it fits up to 25 people). On the same floor is one more room for about 8-12 people. This smaller room needs fresh paint and some refined touches. On the same floor is fully refurbished customer toilet.
Further up, on the second floor there are 2 large rooms used for storage and office. Both rooms could be easily converted into living space as there is a toilet and a shower room. The landing interconnecting two rooms could be used as a small kitchenette. There is a preapproval from town council for the 2nd floor to be converted into residential space in line with fire building regulations.
There is 12,5 years of remaining lease (of 15) and could be just reassigned to a new leaseholder to avoid high fees and costs to newcomer.
Recently the business was doing well as it took 1-2 year to build the customer base from scratch and now is the time to take it further. Mainly restaurant was run by the owner and two cooks (P/T) helped with regular part timers for busy time and parties or larger bookings. There is also delivery in place with JUST EAT that was on its own bringing up to 1.5K per week. Overall turnover was between 2200-2700 p/week including delivery. The owner feels that marketing is still not used enough to promote business, functions, parties, etc. The top floor if not used for living (which should not be used without permission), could be used for some other business or subletting. Business use is allowed without any special changes.
The rent for whole building is about 10-11K per year and business rate for this property is going down from April. Bills on top of that are per month: Electricity 150, Gas 160, rubbish 45 (2 times a month collection of big container). Water bill was £120 for the whole year.
There is a honest and genuine reason for selling the business - Retirement due to age and poor health.
Asking price for whole all-inclusive ongoing business concern with assignment of the existing 12.5 lease, good will, equipment, furniture and fittings is £72,000. Just reassignment of the lease will save 3-5K in solicitors’ fees. Anybody truly can walk in and start work immediately.

Business location

Located on the Market Place in Centre of Banbury with high footfall and lots of business with shoppers. Night clubs are close buy and late night food provision represent potential that could be easily developed.

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