Fully describe the business's activities?
The second of two businesses offered for sale by the Owners. This particular Restaurant is more than just a Licenced Restaurant. The Restaurant is set in a popular Day and Night time venue, popular with both Locals and Tourists . Patrons are either accommodated indoors our outdoors with spectacular views and ambience. At this particular Restaurant , music is an essential ingredient and the Owners are active in the support of local musicians, and offer from mini rock shows to afternoon jazz and regular open mic evenings which offer budding local musicians a platform to strut their stuff. The establishment is open seven days a week from 8.00 am till late, offering an extensive menu that caters for every taste including Breakfasts, Snacks, and a comprehensive Dinner Menu. It also boasts a colourful, cocktail menu .
How long has the business been established?
This particular venue opened in 2002.
How long has the owner had the business?
The one Partner started the business.
How does the business operate on a daily basis?
The business opens at 7.30 in the morning to begin preparation for the day and closes late depending on activity.
How are the clients attracted to the business?
Situated in an Entertainment and Destination venue, the complex attracts local residents and both local and overseas Tourists.
What Advertising/Marketing is carried out?
There is little need for advertising as the venue is a vibrant hive of activity all year round. The business does however have a web page and is prominent on may other social media sites.
What competition exists?
Situated in a Restaurant and Entertainment hub, there are a number of Restaurants at the venue. What distinguishes this venue, however is it's offering of live music.
What are the seasonal trends?
The business is busy all year round with a spike in activity during holiday periods. December and January are particularly busy.
Is the business VAT Registered?
The business is Vat Registered.
What VAT documentation is on file?
All documentation will be made available to qualified Buyers at a due diligence stage.
Are there up-to-date Management Accounts available?
Management Accounts are available to Feb 2018. Updates will be provided to serious buyers. For the purposes of this report the Management Accounts for the period Mar 2017 - Feb 2018 were utilised. The Accounts are Vat inclusive but the Vat Input/Output difference and the Vat paid were included in the expenses.
What Balance Sheet and Income Statements are available?
The 2017 Financials are on file. The 2018 should be finalised shortly .All financials will be made available to qualified Buyers art a due diligence stage.
What percentage of the business is cash/credit?
The business is a cash/credit card business. There are no Debtors
What is the age analysis of the debtors book?
What is the total staff complement?
There are a total number of 27 employees.
Give a breakdown of staff/ functions/ length of service?
1 x General Manger 1 x Assistant General Manger 2 x Junior Managers. 1 x P.A. to the Owner. 22 x Barmen, Grillers, Waitrons, Callers.
Are they on contract?
All employees have Letters of Appointment.
Do any have management potential?
There are 4 Managers in place.
How involved is the Owner in running the business?
The working Partner divides his time between the two businesses owned .
When does the current lease end?
The original lease ended in Nov 2017 and has been running on a month to month basis. There should be no problem for a Buyer to obtain a new lease and it would be a condition of sale that a new lease could be obtained.
Is there an option of renewal & what period?
There is an option for renewal for a further 5 years.
What is the annual escalation %?
What are the trading hours?
8am - Midnight.
What is the square meters of the business?
495 sq. m.
Who is the Owner/Landlord?
Is a copy of the lease available?
A copy of the lease will be made available to qualified Buyers.
Do you require a licence?
There is a Liquor Licence in place.
What lease deposit and/or other surety is required?
Two months rent.
What are the main assets of the business?
The standard Restaurant Assets in the Kitchen, Front of House ( including TV's ), Bar, Office Equipment and Computers. A full Asset list is on file and will be made available to serious Buyers.
Are any items not included in the sale?
All items are included.
What is their overall condition?
All items are in good condition.
How have they been valued ?
Assets are listed at Cost.
Which assets are on lease/HP and with whom?
All Assets are paid for.
Are they presently insured?
All Assets are insured.
A well established business of 16 years in a well frequented destination attraction, it attracts both locals and Tourists . It is particularly well known for its live musical entertainment.
No discernable weaknesses.
A delivery service to local apartments and businesses.
Usual economic downturns
What is the reason for the sale?
The Hands on Owner has been in the business for a long time and desires a change. The non active Owner is involved in the Corporate world in Johannesburg.
Why is this a good business?
As stated in the SWOT analysis it is a well established business of 16 years in a well frequented destination attraction, it attracts both locals and Tourists . It is particularly well known for its live musical entertainment.
What is the price plus stock and the profit?
The price is R 2,487,000 plus stock of approximately R 87,000 with average Monthly Net Profits of R 77,500 pm or R 931,711 pa.
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