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Annual turnover

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  • Mandate: 33642
  • Added: 30 Oct 2019
  • AFS
  • 1090

Ocean Basket franchised seafood restaurant located on the East Rand

Gauteng, Johannesburg
1090
Mandate 33642
Added 30 Oct 2019
R 2,800,000* ZAR
Stock: R 100,000
Assets: R 650,000
R 91,470 ZAR
Stan Moran
(PRINCIPAL)
Aldes Ace
Gauteng
Summary

Leading South African seafood franchise which claims to capture 60% of the seafood restaurant market, now available as a franchise resale on the East Rand. Proven systems and marketing experience have resulted in over 200 restaurants in more than 19 countries, so they must be doing something right! Take the opportunity now to join this franchise family.

Ocean Basket franchised seafood restaurant located on the East Rand
SELLING PRICE AFS
R 2,800,000* ZAR
Stock: R100,000
Assets: R650,000
R 91,470 ZAR
Summary

Leading South African seafood franchise which claims to capture 60% of the seafood restaurant market, now available as a franchise resale on the East Rand. Proven systems and marketing experience have resulted in over 200 restaurants in more than 19 countries, so they must be doing something right! Take the opportunity now to join this franchise family.

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Fully describe the business's activities?
Franchised restaurant

How long has the business been established?
Since 2015

How long has the owner had the business?
Since 2015

How does the business operate on a daily basis?
Opens for business at 10,30 daily. Staff prepare food and await customers.

How are the clients attracted to the business?
Well known and respected franchise

What Advertising/Marketing is carried out?
National advertising and local advertising

Does the business have any contract work?
No

What competition exists?
Usual competitors

What are the seasonal trends?
Summer months are busier

Is the business VAT Registered?
Yes

What VAT documentation is on file?
Yes

Are there up-to-date Management Accounts available?
Yes

What Balance Sheet and Income Statements are available?
For due diligence

What percentage of the business is cash/credit?
75% cards, 25 % cash no credit.

What is the age analysis of the debtors book?
Not applicable

How could the profitability of the business be improved?
More hands on operator

Is Seller finance available and for what amount?
No

What is the total staff complement?
22

Give a breakdown of staff/ functions/ length of service?
Most have been employed since inception

Do any receive special perks or incentives?
Waiters receive commission

Are they on contract?
Yes

Do any have management potential?
2 managers currently employed

How involved is the Owner in running the business?
Approximately 50% of time

When does the current lease end?
December 2020

Is there an option of renewal & what period?
Yes

What is the annual escalation %?
10%

What are the trading hours?
10.30 am to 10 pm

Is a copy of the lease available?
Yes

Do you require a licence?
Liquor licence

What lease deposit and/or other surety is required?
Approx R80,000

What are the main assets of the business?
Equipment, tables, chairs, signage, computer POS.

Are any items not included in the sale?
No

What is their overall condition?
Good

Do any require repairing?
No

How have they been valued ?
Market Value

Which assets are on lease/HP and with whom?
N/A

What are their settlement amounts?
N/A

Will Seller settle or Buyer to take over?
Seller will settle

Are copies of agreements available?
N/A

Are they presently insured?
Yes

Strengths?
Good franchise with regular customers at restaurant

Weaknesses?
Nothing other than economy which is common to all businesses

Opportunities?
Host school functions, create more business through further marketing and event hosting.

Threats?
No immediate threats identified

What is the reason for the sale?
Owner has other business interests and cannot give enough time to everything.

Why is this a good business?
Easy to run, with franchise systems in place for all necessary controls. The franchise chain claims 60% market share of all sit-down seafood restaurants and was named "Best Seafood Resaurant" for 12 consecutive years.

What is the price plus stock and the profit?
Price is R2,990,000 plus stock estimated at R100,000 as a going concern (zero-rated for VAT) to VAT registered buyer. In addition to the selling price, there is a R100,000 joining fee payable to the Franchisor. Profit before tax for 12 months to September 2019 is approximately R1.097M

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FRANCHISE DETAILS

Aldes Ace

1 members
5 active mandates
Gauteng
6 Nightingale Road, Atlasville
1459

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