Ref 7038 – Leasehold Team Room
Blacks Brokers are pleased to bring to the market this leasehold tea room located in Gosport, Hampshire.
Margarita's Tea Room was established by our client in this affluent area of Gosport in 2018 when our client took ownership of the business which was formerly known as Lulu’s for over five years. The business offers all day breakfasts, light lunches, excellent coffee, delicious cakes and cream teas. Margarita's Tea Room has quickly become very well known. It has a strong base of regular customers in place as well as benefitting from a huge amount of passing trade due to this excellent trading position. Our client has ensured the business has an excellent reputation with a five star hygiene rating and superb reviews noted on Google, Trip Advisor and Facebook.
Margarita's Tea Room occupies a high street trading position within a parade of shops and offices. The area is densely populated commercially with neighbouring businesses including independent retailers and large multiples such as Waitrose. There are also a number of schools and large housing estates nearby. The area is well linked by the A32 with strong public transport links and parking is available in the immediate area.
The business is ideally suited to a hands-on owner-operator but due to the demands of our client's other business commitments being higher than anticipated, the business is offered for sale. This presents an excellent opportunity for a new owner-operator or team to take the business to the next level.
The building is available on an Internal Repairs Only lease (iro). The current lease is a nine year lease which began in 2018 at a cost of £133 per week. There is also a garage to the rear of the shop which the current owner uses for storage, the rent for this is £50 per month. This is optional to a new owner but is however, recommended to be kept.
The business operates with three members of part time staff in employment. Our client is not involved in the day to day running of the business but oversees management as required.
Margarita's Tea Room has traded solidly since opening and our client has established a strong repeat customer base. Accounts for year ending 31st January 2019 show annual turnover of £68,556 and gross profit of £54,936. Full financial information is available upon request.
The business currently benefits from small business rates relief. Purchasers should enquire with relevant local authorities to confirm the rates payable.
This is a newly established yet well known eatery which occupies a superb trading position and has a strong base of regular customers in place already. There is plenty of scope to develop the business further with the introduction of a new website with ordering service, new menu choices, longer opening, delivery service and a strong marketing drive. This proposition would ideally suit an owner operating team who could push the business forward and build upon the solid and impressive trading foundations. Early viewings are strongly advised. Business: £34,950.
Please quote ref: 7038