Restaurant for saleHigher Market Street, Looe, Cornwall, PL13
- Use class orders: A3 Restaurants and Cafes
- Attractive and Well Presented Licensed Bistro
- Currently Trading on Evening Only Basis
- Tremendous Potential for Increased Trading
- Presented to High Standard Throughout
- Located in Sought After Fishing Port of Looe
- Opportunity To Develop Own Trading Style
The Ancient Mariner Bistro is a well-regarded licensed bistro which is presented to a high standard throughout. Currently trading evenings only and on greatly restricted hours, there is undoubtedly a wealth of potential to extend this to offer lunchtime and/or all day opening, as well as increasing the number of evenings it opens. The sale of The Ancient Mariner Bistro offers undoubted potential for incoming operators to build on the existing levels of trade and develop the style of trade to suit their own requirements and to take advantage of this highly desirable catering business with an established reputation in a highly sought-after Cornish coastal town. The premises briefly comprise: - Main Restaurant comfortably seating 24 customers; well-equipped Catering Kitchen with ancillary welfare facilities.
The Ancient Mariner Bistro is situated in the heart of East Looe, an attractive riverside town on Cornwall’s south coast, which is considered to be one of the County’s most picturesque coastal communities. The business is well located on one of the main thoroughfares within the town and leading to the beach. The resident population is approximately 5,000 which is boosted considerably by visitors to the town throughout the year and particularly during the peak summer months. Looe also draws trade from the many nearby coastal villages, hamlets and towns. Looe is situated within approximately 20 minutes’ drive of the A30 trunk road, which brings this picturesque corner of Cornwall within easy reach of Plymouth and the M5 motorway network beyond. Looe must be one of the most photographed harboursides in the Westcountry and an active fishing industry still operates from the harbour, off which there is a maze of streets with excellent shopping facilities leading to East Looe’s fine sandy beach. The sale of the Ancient Mariner Bistro represents a unique opportunity to purchase a well-regarded business with excellent levels of trade and with genuine potential to increase all aspects of the trade still further.
Single fronted glazed lockup unit with recessed part glazed stable door to front leading into Main Dining Room. An attractive character dining area, tastefully furnished with solid wood flooring, painted stone walls, exposed painted ceiling timbers, feature stone fireplace with inset Living Flame gas wood burner style fire, wall mounted menu board and a range of free standing wooden tables and high-backed rattan style chairs seating up to 24 customers. Customer/Bar Servery Area with slate tile fronted serve over counter with storage shelving below, range of worksurfaces with inset stainless-steel sink unit, EPOS cash register, tiled flooring, double glass fronted bottle fridge, single glass fronted bottle fridge, wall shelving, commercial glass washer, ice machine, heated and lit serving gantry from the kitchen. Ladies & Gents WC’s. Catering Kitchen with Altro flooring and part stainless steel clad walls, fitted with a range of catering equipment to include:- extractor system with stainless steel canopy over, 8-burner gas range with double oven and grill, commercial microwave oven, 2 door undercounter commercial fridge unit with saladette over, 2 undercounter freezers, flat top griddle, twin table top deep fat fryer, undercounter fridge, work surfaces, wall shelving, single induction hob, upright fridge, stainless steel work bench with shelving below, commercial dishwasher, 2 deep bowl stainless steel sink units, glass fronted bottle fridge and door to rear.
Please note: The fittings, equipment and services listed have not been tested by the agents, although we are informed that all items are in working order.
Externally and to the rear is a brick built Storage Shed with power and racked shelving. Bin Store Area.
The Ancient Mariner Bistro is a well regarded and intimate 24 cover licensed bistro, specialising in local fish and seafood with a menu which offers fresh fish, meat and poultry and reflects the best local produce that Cornwall has to offer. Our clients source all of the produce locally with all of the food freshly cooked to order and this attention to detail has ensured that the business enjoys excellent levels of regular trade and an impressive local following, not only from Looe but the surrounding towns and villages, together with a seasonal boost during the busy holiday months. The business has been refurbished by our clients, since they took ownership in January 2015 and it is consequently well presented throughout. The business further benefits from a lucrative trading position in one of the main thoroughfares to the beach within the centre of Looe. The Ancient Mariner has been awarded a Certificate of Excellence from Trip Advisor (rated the number 1 restaurant in Looe as at October 2018). The business has its own website www.ancientmarinerslooe.com which provides further background and information. The business has been awarded a 5 star food hygiene rating and has been nominated for a Good Food Award. An internal inspection is recommended in order to fully appreciate the standards inherent throughout all aspects of this business.
Through personal choice, trade levels are deliberately restricted to below the VAT threshold in order to fit in with our client’s lifestyle requirements and consequently the business opens on an evening only basis with no lunch time opening and tables are not turned during each dinner service. During 2017 this amounted to just 177 evenings of trade in total.
Full detailed trading information can be made available to interested parties following a formal viewing appointment.
The business trades from 6.00pm until close for six evenings a week during the peak summer months (closed Sunday) and from 6.00pm until close on three or four evenings a week from October through to Easter. The business is closed for all of January and for numerous weeks throughout the year for holidays. The business is deliberately traded on limited opening hours to suit our client’s requirements and no lunch time or day time opening is currently undertaken.
The business is run by our clients, a husband and wife partnership, although only one of the owners works full time in the business. Additionally, there are two part time members of staff.
Our clients advise us that there is a tremendous potential to increase the current trade levels and without any shadow of a doubt, there is an opportunity to extend the opening hours, particularly by opening at lunchtimes and to turn tables in the evening throughout the year. There is also the opportunity to change the style of trade currently undertaken and trade as a daytime only tea room/cafe/coffee shop, for which demand exists in the town. There is also the potential for incoming operators to develop their style of cuisine and trade in a manner to suit their own personal requirements and take advantage of this well-presented business in a town centre trading position. The Ancient Mariner Bistro represents an opportunity to purchase a lucrative business with low overheads in a much sought-after honeypot trading location. Our clients are prepared to offer full handover and training so interested parties, should they so require it. The sale of The Ancient Mariner Bistro represents a rare opportunity to acquire a quality catering business in a most sought after and desirable coastal town and new owners will benefit from being able to move in without the need for any major expenditure on the premises. Coupled with this, the business enjoys good levels of trade plus a substantial boost during the summer months and an early appointment to view is recommended in order to fully appreciate all that this business has to offer.
For up to date Business Rates and Council Tax information relating to this property, we refer you to The Valuation Office website www.voa.gov.uk.
We are advised that the business entirely benefits from 100% rate relief.
All mains services are connected to the subject property.
PRICE & TENURE
£59,950 for the leasehold interest as a going concern business and full trade inventory. Wet and dry stocks to be additional at valuation. Vacant possession upon completion.
The business is held on a 7 year lease at a rent of £10,400 per annum which commenced in December 2014. Rent is payable quarterly in advance. We are advised that the landlord is prepared to extend the existing lease term should this be required. Further details upon request.
Strictly by appointment with the vendors Sole Selling Agents.Tel:(01392)201262.Email:email@example.com
You are recommended to contact us before visiting the property even for an informal viewing. We can then confirm whether or not it is still available.
An early discussion about finance can often save time and disappointment. If you would like independent specialist advice on funding this property or any other purchase, we recommend you contact us for a list of our approved brokers.
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- Looe (0.4 mi)
- Sandplace (2.4 mi)
- Causeland (3.7 mi)
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- Looe (0.4 mi)
- Sandplace (2.4 mi)
- Causeland (3.7 mi)
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