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Higher Market Street, Looe, Cornwall, PL13

Leasehold
£79,995

Business rates & charges may apply

STONESMITH, Exeter
SIZE

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SECTOR

Restaurant for sale

USE CLASSUse class orders: A3 Restaurants and Cafes

A3

Key features

  • Popular & Well Regarded Licensed Restaurant
  • Located In A Sought After Cornish Coastal Town
  • Restaurant With 30 Covers & Catering Kitchen
  • Spacious 2 Double Bedroom Apartment (Both En-suite)
  • Trading Evenings Only, Just 8 Months Of The Year
  • Tremendous Potential To Develop The Trade Levels

Description

THE PROPERTY
Pepe's Tex-Mex Kitchen is a thriving and well regarded evenings only, licensed restaurant, which is well presented throughout and currently offers a Tex-Mex style cuisine. Having been owned by our clients for over 10 years, the business is presented to a high standard throughout, and benefitting from a particularly impressive owners' apartment. There is a wealth of potential to extend the current opening hours, as well as undoubted potential for incoming operators to build on the existing level of trade and develop their own trading style and cuisine to suit their own requirements and take advantage of this highly desirable catering business with an established trade and reputation, in a highly sought after Cornish coastal town. The property briefly comprises:- an attractive ground floor Restaurant comfortably seating around 30 customers; a Catering Kitchen; extremely well presented Owners Accommodation with 2 good sized Double Bedrooms both of which are En-Suite; a Large Sitting Room and a Kitchen/Dining Room. Pepe's trades evenings only 6 or 7 days a week from April until the end of October, together with 2 weeks over Christmas and New Year and 2 weeks in February, which equates to 8 months of the year.

SITUATION
Pepe's Tex-Mex Kitchen is situated in the heart of East Looe, an attractive coastal 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 just off the main thoroughfare, within the town centre. With a resident population of 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 reach of Plymouth and the M5 motorway beyond. Looe must be one of the most photographed harbourside 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 and leading to East Looe's fine sandy beach. The sale of Pepe's Tex-Mex Kitchen represents a unique opportunity to purchase an established and well regarded business in an excellent trading position with impressive levels of trade and profits, and with genuine potential to increase the trade still further.

INTERNAL DETAILS
Glazed entrance door to front with adjoining feature glazed windows to the front, into Main Restaurant a well presented air-conditioned customer dining area, with themed décor and artwork, furnished with carpeted flooring, free standing wooden tables, and faux leather high backed chairs and comfortably seating around 30 customers. Customer Servery with non-slip flooring, display shelving, electronic cash register, 3 under counter fridges, under counter wine fridge, commercial coffee machine and smoothie maker. Customer WC. Catering Kitchen with non-slip flooring, part wipe-clean clad and part tiled walls, and fitted with a range of catering equipment to include:- extractor system with stainless steel canopy over, 6 burner electric range, twin gas hob, range of base kitchen units with worksurfaces over, twin table top deep fat fryer, contact grill, eye level grill, wall shelving, chest freezer, 2 commercial microwave ovens, and 2 upright commercial fridges. Wash Up Area with non-slip flooring, twin deep bowl stainless steel sink unit with drainer, commercial dishwasher and hand basin.

OWNER'S ACCOMMODATION
Situated on the first and second floor is the spacious and impressive well presented owners apartment which briefly comprises:-

First Floor Sitting Room, a good sized room with window to the front. Cloakroom. Kitchen/Dining Room with window to rear, again a good sized room fitted with a range of modern base and wall mounted kitchen units with complementary worksurfaces and built in hob and oven with extraction over. Landing with stairs to second floor and door to Small Roof Terrace Area.

Second Floor Bedroom 1 a spacious double bedroom with aspect to the front, built in wardrobes and an En-Suite Bathroom with modern white bathroom suite with shower over the bath. Bedroom 2 again a spacious double bedroom with aspect to the rear and an En-Suite Shower Room.

THE BUSINESS
Pepe's trades as a Tex-Mex themed family restaurant opening evenings only, with the number of evenings determined by the time of year. The business enjoys a good local following, which is boosted significantly by visitors and tourists. The restaurant has been owned and operated by our clients for over ten years, who have tried to deliberately restrict the trade to just below the VAT threshold, closing for at least four months each year. Presented in excellent order throughout, the business boasts a lucrative trading position in the centre of Looe, and benefits from numerous positive reviews on Google and TripAdvisor including a coveted TripAdvisor Travellers Choice Award. The business has also been awarded a 5 Star Food Hygiene rating. A viewing is essential in order to fully appreciate the high standards inherent throughout all aspects of this business.

TRADING INFORMATION
Through personal choice, our clients have deliberately restricted the opening hours in order to attempt to trade the business below the VAT threshold. Full detailed trading information can be made available to interested parties following a formal viewing appointment.

OPENING HOURS
Our clients have chosen to restrict the opening hours in order to stay below the VAT threshold and the business trades for 8 months of the year with opening hours of 5:30pm until 9.30pm seven evenings a week during the school holiday weeks and from 5.30pm until 9.30pm six evenings a week (closed Wednesday) at other times. The business trades from April until the end of October, 2 weeks at Christmas/New Year and 2 weeks in February.

CURRENT STAFFING
The business is run by our clients, with only casual staff employed as and when required.

POTENTIAL
Our clients advise that there is 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 year round and also offering a lunchtime service. There is also potential for incoming operators to develop their own style of cuisine and trade in a manner to suit their own particular requirements and take advantage of this well presented business in a prominent trading position. Pepe's would suit a working couple and our clients are prepared to offer a fully handover and training to interested parties, should they require it. The sale of Pepe's Tex-Mex Kitchen represents a rare opportunity to acquire an established and well regarded business with consistent levels of trade and profits and with attractive and spacious owners accommodation, the like of which rarely comes with a business of this nature. New owners will benefit from being able to move in without the need for any further expenditure.

RATING
For up to date Business Rates and Council Tax information relating to this property, we refer you to The Valuation Office website We are advised that the business currently benefits from 100% rate relief.

SERVICES
All main services are connected to the property.

PRICE & TENURE
£79,995 for the valuable leasehold business as a going concern business and full trade inventory. Wet and dry stock to be additional at valuation. The business is held on a full repairing and insuring lease which has recently been extended until March 2031. The current rent is £21,000 per annum. Rent is payable quarterly in advance. We are advised that the lease is fully renewable at the end of the term. Further details available upon request.

Brochures

Higher Market Street, Looe, Cornwall, PL13

NEAREST STATIONS

Distances are straight line measurements from the centre of the postcode
  • Looe Station0.4 miles
  • Sandplace Station2.4 miles
  • Causeland Station3.7 miles

About STONESMITH, Exeter

Suite B, Castle View Barns, Woodmanton, Exeter, Devon EX5 1HQ

Stonesmith are a leading business transfer agent specialising in pubs for sale, hotels for sale, catering businesses for sale and leisure and hospitality businesses for sale in the Westcountry / South West including Devon, Cornwall, Dorset and Somerset.

Our team has over 75 years combined experience in dealing in the sale and acquisition of licensed, leisure and hospitality properties, and businesses throughout the Westcountry / South West.

Contact us for a free, no obligation con

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