Fully describe the business's activities?
This is an up market, 124 seater, restaurant in a popular coastal town.
How long has the business been established?
How does the business operate on a daily basis?
Open Tuesday to Saturday from 11h30 to 21h00 and from 11h30 to 15h00 on Sundays.
How are the clients attracted to the business?
By reputation, good quality food and being situated in a prime, highly visible location. The restaurant has consistently good ratings on TripAdvisor.
What Advertising/Marketing is carried out?
Weekly adverts in local newspapers and there is a Facebook page.
What are the seasonal trends?
There is good support from regular local clients, supplemented by increased trade during the holiday seasons.
Is the business VAT Registered?
Are there up-to-date Management Accounts available?
What percentage of the business is cash/credit?
10% cash, 90% credit card.
Is Seller finance available and for what amount?
What is the total staff complement?
7 full time employees, excluding the owner: 4 x kitchen staff; 1 x sculler; 2 waiting staff.
Are they on contract?
Standard employee contracts.
Do any have management potential?
How involved is the Owner in running the business?
When does the current lease end?
31 October 2019. There is an option to renew for a further 5 years. The current agreement has an 8% annual escalation clause.
What is the square meters of the business?
240 sq m
Is a copy of the lease available?
Do you require a licence?
The business has a full liquor licence. The normal food handling hygiene licence is in place.
What lease deposit and/or other surety is required?
One month's rental.
What are the main assets of the business?
Fully equipped kitchen, scullery, and usual restaurant furniture, fittings, crockery, cutlery, napery etc. There is a large cold room and a complete generator/electrical reticulation system is installed.
Are any items not included in the sale?
What is their overall condition?
Do any require repairing?
How have they been valued ?
Owner's realistic valuation.
Good reputation. Regular clientele. Experienced staff. Good location.
The function venue has not been marketed.
Extending the hours to include a breakfast service. Venue is well suited to hosting functions.
What is the reason for the sale?
The owner has been in the restaurant business for 35 years and wishes to retire.
What is the price plus stock and the net profit?
R440 000 including stock of R25 000. The annual profit is R136 000.
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