Fully describe the business's activities?
An independent steakhouse in a suburban area of a popular coastal town.
How long has the business been established?
The owner established the business in October 2018, having taken over an existing coffee shop and converted it to a top-end steakhouse.
How does the business operate on a daily basis?
Opens six evenings per week, being closed on Sundays. In the peak season they open seven days a week for lunch and dinner.
How are the clients attracted to the business?
The restaurant has quickly developed a good reputation as evidenced by the word of mouth referrals and excellent reviews on Tripadvisor.
What competition exists?
The restaurant is located in a suburban environment where there is no direct competition.
What are the seasonal trends?
Being in a coastal town the usual holiday seasonality shows in the sales.
Is the business VAT Registered?
Yes, all documentation is available.
Are there up-to-date Management Accounts available?
What percentage of the business is cash/credit?
Cash and credit cards only.
Is Seller finance available and for what amount?
No. The owner will consider a suitable partnership.
What is the total staff complement?
12 with 2 chefs, 2 barmen, waiting, prep and kitchen staff.
Are they on contract?
Normal employment practice.
Do any have management potential?
How involved is the Owner in running the business?
Part time, some front of house and admin.
When does the current lease end?
There is a 5 year lease in place with an option to renew. The lease has an annual escalation of R1 000 per month.
What are the trading hours?
18h00 to 22h00, six days a week, seven days in season.
Is a copy of the lease available?
Do you require a licence?
Yes, normal municipal licence for food handling and liquor licence.
What lease deposit and/or other surety is required?
3 months rent.
What are the main assets of the business?
Furniture, fixtures, fittings, decor and kitchen equipment.
What is their overall condition?
Good location, great reputation, good food and good service. Good support from local residents, boosted by additional footfall in holiday seasons.
Increased trading hours, some rearrangement of the layout could increase the number of tables available.
What is the reason for the sale?
The owner wishes to retire.
What is the price plus stock and the profit?
The asking price is R2.475 million, including stock of R100k. The annual profit is R1.2m
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