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Eastoft - North Lincolnshire

£415,000

Business rates & charges may apply

Guy Simmonds Business Transfers Limited, National Licensed Property
SECTOR
Pub for sale

Property description

Tenure: Freehold

REF: 8408 FREEHOLD

SUBSTANTIAL AWARD-WINNING FREEHOLD TAVERN AND RESTAURANT WITH 7 HIGH OCCUPANCY EN-SUITE LETTING ROOMS BEING OFFERED EITHER FREEHOLD or 'FREE OF TIE' LEASE LOCATED IN THE NORTH LINCOLNSHIRE VILLAGE OF EASTOFT


* Sitting on a substantial plot on the Yorkshire border directly between Goole and Scunthorpe
within easy reach of Keadby power station and several motorway networks.
* Lounge/Bar (circa 50+) with exposed wooden ceiling beams, log burners and 5 cask ales on
offer.
* Restaurant (circa 35 covers) being self-contained with hot carvery units.
* 7 En-suite letting rooms with high levels of occupancy and forecast to continue for the next
circa 10 years.
* Delightful spacious grassed orchard al fresco area ; Smoking solution ; Patron's car park.
* Fully equipped commercial catering kitchen.
* Advised turnover circa £237,520 (incl.VAT) for year ending November 2019 : Advised sales
since re-opening post pandemic are in the region of £4,776 per week (incl. VAT).
* Sales split of: 40% Wet sales ; 25% Food sales ; 35% Accommodation.
* Genuine and personal reason for sale - Ill Health.

A RARE OPPORTUNITY TO PURCHASE THIS PROMINENT AND SUBSTANTIAL INN OFFERED FREEHOLD or FREE OF TIE LEASE AVAILABLE FOR THE FIRST TIME IN OVER 22 YEARS

LOCATION
This property is located in the North Lincolnshire village of Eastoft that historically sat on the River Don. Positioned close to the Yorkshire border Eastoft has only an inn, a primary school and a church however the bustling market town of Crowle is only 3 miles away and all mainstream shops, facilities and amenities can be found here. Nearby points of interest include the industrial town of Scunthorpe, the market town of Goole, Blacktoft Sands RSPB bird sanctuary, Keadby Power Station and 7 Lakes country park. The local motorway networks are very good with the M62, M18, M180 and A15 all within easy reach.

THE PROPERTY
This prominent substantial property sits on circa 1/3 acre (not measured) and is of front rendered brick construction sitting beneath a pitched, pan tiled apex roof. Entrances to the front and rear provide access to all the trading areas. These consist of:

Lounge/Bar (circa 50+ plus standing) is a large L-shaped room with a warm and welcoming atmosphere. An assortment of loose tables, chairs and wooden pews are complimented by upholstered perimeter bench seating. The room is fully carpeted and exposed wooden beams to the ceiling look down on 3 log burners positioned around the room all set in exposed stone or brick-built fireplaces. The room has a return bar server of wooden construction with 5 cask ales on offer, a wall mounted HDTV, Darts throw and historical photos to the walls. Leads through to:

Restaurant (circa 35 covers) has loose tables and chairs all sitting on a fully carpeted floor and able to be laid out as desired and to suit the occasion. The room has below dado wood cladding and a good-sized hot carvery unit to one side. This room is predominantly used for breakfasts and carveries however provides the opportunity to offer meetings or small parties or to convert to 2 self-contained en-suite letting rooms (STPP). We are advised our vendor client is currently looking into this option.

There is a fully equipped commercial Catering Kitchen with stainless steel appliances and surfaces (equipment not tested), wash up, prep area and scullery lead off. Ground floor Beer Cellar with python system, remote and storage areas.

Ladies and Gents WC's.

OWNER'S ACCOMMODATION
The owner's accommodation is situated on the 1st floor and briefly comprises of: 2 double bedrooms, Lounge/Diner, Kitchen and bathroom. This has private access and also a private yard area.

LETTING ACCOMMODATION
There are 7 high occupancy (85%+) En-suite letting rooms consisting of 3 x Twin/Double, 1 x Triple & 3 x Single. All rooms have HDTV, Tea & Coffee making facilities, Wi-Fi and private access. 4 of the rooms are in a self-contained brick-built building to the rear of the property that was constructed in 2011. The other 3 rooms are to the 1st floor of the main property created in 2015. These attract a very high level of regular trade from Keadby Power Station which we are advised has an ongoing pipeline development project for at least the next 10 years. Attracting regular repeat business and high profit margins is a big plus point for this business.

EXTERNAL
To the rear of the property is a large delightful grassed al fresco orchard garden (holds circa 80+) with plum, apple and pear trees and a few wooden picnic benches complimented by lovely established green borders. Also to the rear of the property is the patron's car park with space for circa 30 cars and a covered pergola style heated and lit smoking solution.

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 - Sunday 10am to 1am

Current opening hours are

Mon - Sat 3.30pm to 11pm
Sunday 12noon to 8pm

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.

GENERAL REMARKS

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 £40,000.
2. The initial annual rent will be £20,000.
3. The annual rental is simply RPI linked to
inflation every 3 years, hence no rent reviews.
4. Rent payable monthly or 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.
8. We are advised that our vendor client would be agreeable to insert an 'Option to Purchase' clause within the lease agreement, to enable the lessee to subsequently purchase the freehold element at a price to be mutually agreed.

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 all available mains services are connected (no services tested) and the business operates using LPG for cooking and heating. Solar panels are owned by the proprietor. Business rates payable are advised as being NIL.


We are advised that all available mains services are connected (no services tested) and the business operates using LPG for cooking and heating. Solar panels are owned by the proprietor. Business rates payable are advised as being NIL.

THE BUSINESS
The current owner purchased the freehold property in 1999 and over the years has created a desirable and thriving CAMRA award winning business offering a selection of cask ales and fine drinks, home cooked food & comfortable accommodation. The business has also been recognised and listed in the Real Ale Guide for the past 20+ years. Unfortunately, due to family ill health our vendor client is now reluctantly looking to sell the freehold on in order to be able to take life at a more leisurely pace. The business is currently operated by the owner assisted by 1 full time and circa 2 part time/casual members of staff. The business hosted/hosts quiz, charity and theme nights, holds an annual beer festival alongside acting as the main sponsor of the local cricket team. We are advised that accounts declare a turnover of circa £237,520 (incl. vat) to 30th November 2019. This was achieved on a trade split of 40% Wet sales ; 25% Food sales and 35% Accommodation. Since re-opening post pandemic current sales are advised as being in the region of £4,776 per week (incl VAT). The business provides many untapped opportunities that in our opinion could grow further and increase profitability. New owners could continue to operate the business using the same current formula if they wish or they may wish to take the business to the next level. In our opinion this could be achieved by taking advantage to extend the currently reduced opening hours running alongside the introduction of teams and entertainment. They may even wish to explore developing an additional 2 letting rooms in place of the restaurant to add to the high level of business already attracted.

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.

Viewing appointments can be made by contacting Guy Simmonds.

All personal viewings undertaken must adhere to the evolving Covid-19 Government guidelines.

Details prepared October 2021

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.

About Guy Simmonds Business Transfers Limited, National Licensed Property

Coppice Farm, Ashby Road Melbourne, DE73 8BJ

Guy Simmonds have been established for over 30 years specialising in the sale of quality Freehold and Leasehold Licensed businesses - including pubs, inns, restaurants and hotels.

Guy Simmonds are leading NATIONAL Licensed Property Agents and consequently offer for sale and lease quality lifestyle licensed businesses throughout the whole of England and Wales.

For those of you looking for a change of career and lifestyle, an inn/restaurant can offer an enviable and f

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Notes

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Disclaimer - Property reference 8408. 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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