2 bedroom pub for saleLINCOLNSHIRE
Sold STC £49,950
- Highly affluent sought after Lincolnshire village location only 7 miles from the historic City of Lincoln.
- Restaurant (circa 26) with central exposed brick fireplace and wooden beamed ceiling.
- Spacious Lounge/Bar (circa 60+) with quality furnishings, exposed wooden ceiling beams & exposed brick built fireplace.
- Function Room (100 occupancy) with private entrance, Dance floor & fully acoustically sound.
- 2 double bedroom living accommodation.
- Flagstone Patio/Terrace area with further seating for Al Fresco dining to the rear.
- Advised annual turnover to March 2015 was circa £209,290 (incl. VAT) with trade split of 52% Food sales : 48% Wet sales. Trading on limited hours only.
- Desirable Free of Tie Lease or Freehold.
- Currently closed.
REF: 7598 LEASEHOLD
AN EXCELLENT OPPORTUNITY TO ACQUIRE A NEW FREE OF TIE LEASE OR FREEHOLD IN AN AFFLUENT VILLAGE LOCATION
This well presented unopposed village Inn and Restaurant is located in the highly affluent sought after Lincolnshire village of Potterhanworth, approximately 7 miles South East of Lincoln. Potterhanworth has a highly commended primary school situated in the centre of the village and a church with Memorial Hall. Nearby points of interest include Tattershall Castle (11 miles), the famous Lincoln Castle and Cathedral (7 miles) where all major shops and stores can be found also & Market Rasen racecourse is only 14 miles away. The local road networks are very good and the A46 and A15 are within easy reach.
The property is of brick construction, sitting under a pitched, slate roof, occupying an excellent village location. Not so long ago the property was totally refurbished and was extended to double its original size. This scheme involved the creation of a new Function Room, a Restaurant, and an extension to the Lounge/Bar. The scheme also included a brand new commercial catering Kitchen, 3 phase electrics (not tested) & double glazed windows throughout.
An entrance porch to the front of the property and one with an accessible ramp to the rear provide access to all the trading areas. These consist of:
Restaurant (26 covers) is a stunning room full of character and charm. This room offers a lovely dining experience with a warm and friendly feel. Loose tables & chairs sit on a fully carpeted floor and the room benefits from having a large central exposed brick fireplace, wood beamed ceilings and a wooden bar server.
Lounge/Bar (circa 60 plus standing) is a spacious open plan room with doors to one end that that lead out onto the rear flagstone patio area. Loose tables & an assortment of chairs, high leather stools & leather armchairs are complimented by wood beamed ceilings, a feature exposed brick fireplace & wall and ceiling chandeliers. This room is fully carpeted and has a well presented and well stocked bar server of wooden construction with 3 cask ale hand pulls on offer.
Function Room (100 occupancy) has a private entrance and we are advised is fully acoustically sound. The room is fully carpeted with a wooden dance floor to one end positioned in front of a DJ/Entertainment booth. There is a bar of wooden construction to the other end. Loose tables & chairs enable this room to be set out as desired to accommodate functions, meetings & events etc.
Ladies, Gents & accessible WC's with baby change facilities.
Fully equipped commercial catering kitchen with stainless steel appliances and surfaces (appliances not tested). There is also a push through wash up area & walk in fridge.
The Ground Floor Beer Cellar has coolers and a python system.
CCTV both inside & outside.
The owner's accommodation is situated on the 1st floor and briefly comprises: 2 double bedrooms, lounge, kitchenette and bathroom. On the 2nd floor is an attic room/office.
To the rear of the property is a flagstone patio area with wooden benches and garden furniture that facilitate Al fresco drinking and dining. Also to the rear is the patron's lined and floodlit car park for circa 16 cars.
TRADING & LICENSING
We are advised that the business trades with the benefit of the Premises Licence (not seen) which permits the sale of alcohol during the hours of:
Mon- Sun 10am to midnight
Previous opening hours were:
Weds- Sun 11.30am to 3.30pm
Weds- Sun 5.30pm to 11pm
NB. Important. Prospective purchasers wishing to continue to operate the public house should ensure that they gain the APLH Qualification in readiness for their intended operation of the Public House.
The property and business is being offered for sale freehold (although we have not had sight of the title deeds) or as a new highly favourable 10 year Private FRI Lease Agreement as follows:
1. The asking premium will be £49,950.
2. The initial annual rent will be £30,000
3. The annual rental is simply RPI linked to inflation every 3 years, hence no rent reviews.
4. Rent payable quarterly in advance.
5. Lease re-assignable after initial 2 year period.
6. Free of all brewery and supply ties.
7. Each party responsible for own legal costs relating to the transaction.
We are advised that at the end of the term, the Lease (not seen by Guy Simmonds) should be renewable with no further premium - subject to the provision of the Landlord & Tenant Act 1954.
We are advised that the inn benefits from all mains services & uses Calor gas throughout (services not tested). Business rates payable are advised as being circa £TBA per annum to include all reliefs.
The current owners purchased the business in 2007 as a family concern and are offering the property in immaculate, refurbished and extended condition. Due to ill health the owners reluctantly had to close the business in January 2012. This re-opened again early in 2014 but in September 2015 has again had to be closed. The property would ideally suit a freeholder or leaseholder who has catering experience and who can introduce an offer from their business plan to match the quality of the surroundings. We are advised that accounts declare takings of circa £209,290 (incl. VAT) for year ending March 2015 - 52% Food and 48% Wet sales. This was achieved on limited opening hours and following a period of closure. We calculate the reconstituted net profits after adding back start up costs and management wages to be in excess of £60,000. New owners could continue to operate the business using the same formula or take advantage of the obvious potential to extend the opening hours, develop the food offer even further and market and drive the function room capabilities.
Accounting information will be made available to interested parties after viewing.
This business was viewed by Richard Fletcher who would be delighted to discuss further details and can be contacted on 07527 718400.
Viewing appointments must be made by contacting Guy Simmonds.
VIEWING: All appointments must be made through Guy Simmonds. Please note that these Sales Particulars are issued on the strict basis that all negotiations, viewings and contacts in connection with this business are conducted through Guy Simmonds who are appointed by the vendor to act under a Sole Selling Rights agreement with total confidentiality. Any breach of these terms may make you liable in law to litigation and damages. Under no circumstances must you approach the owner direct without a formal appointment or disclose to other customers and staff that the Premises are for sale.
FINANCE FOR PURCHASING A LICENSED PROPERTY: We are in constant touch with a leading finance broker who specialises in arranging Business Finance for Licensed Properties. Whether you are purchasing a Licensed Property through ourselves, or another agent, we will be pleased to contact on your behalf our specialist who can arrange the necessary Finance Package for you at preferential rates. Please telephone for free and no obligation advice with regards to financing a Business.
Guy Simmonds for themselves and for the vendors or lessors of this property and/or business whose agents they are give notice that:-
(I) These particulars are a general outline for the guidance of intending purchasers (or lessees) and do not constitute an offer or contract, nor any part of an offer or contract.
(II) All descriptions, dimensions, distances, maps/plans, references to condition, trading figures and other items in these particulars are given as a guide and no responsibility is assumed by Guy Simmonds for the accuracy of individual items. Intending purchasers (or lessees) should not rely on them as statements of representations of fact and should satisfy themselves as to the correctness of each item by making independent enquiries.
(III) Intending purchasers (or lessees) should make their own independent enquiries regarding the use of the property, necessary permissions for use and occupations, potential uses and any other matters affecting the property prior to purchase.
(IV) Guy Simmonds do not make or give whether in these particulars, during negotiations or otherwise, any representation or warranty in relation to this property. No responsibility is taken by Guy Simmonds for any error, omission or mis-statement in these particulars. Guy Simmonds do not warrant the accuracy of any accountancy information supplied and purchasers are advised to take independent advice in order to satisfy themselves.
(V) Guy Simmonds are unable to give any warranty as to the working order of any apparatus, equipment, fittings or services associated with the premises and therefore, cannot verify they are in full working order. Purchasers are strongly advised to obtain specialist reports prior to exchange of contracts in order to satisfy themselves.
(VI) All statements and descriptions are made without responsibility or warranty by Guy Simmonds, the vendors or lessees. Neither do Guy Simmonds nor the vendors/lessees hold ourselves responsible for any expenses whatsoever incurred by applicants inspecting Businesses which may be sold or withdrawn, to include travelling, valuation/survey, legal fees etc.
(VII) No person in the employment of Guy Simmonds has any authority to make or give any representation or warranty whatever in relation to this property.
(VIII) It should not be assumed that the contents of any photographs are included in the sale.
(IX) All prices quoted are excluding stock at valuation.
Energy Performance Certificates (EPCs)
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Disclaimer - Property reference 7598L. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Guy Simmonds Business Transfers Limited , National Licensed Property. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
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