Restaurant/cafe for sale in Ironmarket, Newcastle-Under-Lyme ST5

£50,000
Restaurant/cafe for sale
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Property description

Business
Please Quote Reference B05784

Hilton Smythe are pleased to have been given the opportunity to manage the sale of Rare Lounge Bar & Steakhouse in Newcastle-Under-Lyme town centre, which is a well-established Restaurant / Bar with a renowned reputation amongst residents in the locality and further afield. This is a superb opportunity to take on a high turnover prime position local town centre lock up business in an area with high footfall of potential customers shopping during the day and enjoying the town centre's vibrant night time economy in the evening.

There has been a Restaurant type business at these premises for over 40 years and the business has been run as Rare Lounge Bar and Steakhouse by the current owner since 2009, so currently in its twelth year of trading successfully in the town centre during which time it has flourished accruing many regular customers and a excellent reputation and been a real labour of love.

The business is now being sold, albeit reluctantly and with a heavy heart only due to the owners change in personal circumstances and a wish to pursue a change in direction, he is keen to see his Restaurant / Bar pass to an ambitious and entrepreneurial new owner(s) who can take this already thriving business to the next level.

The business specialises in thick, juicy, succulent and tasty steaks which their chefs will char grill to the customers preference. All beef is sourced locally and the business insists on the best quality cuts of meat to ensure their customers can really taste the difference. For non-steak lovers and non-meat eaters the business also offers an exciting array of dishes including salads, chicken, fish, homemade burgers and Fajita dishes as well as a great range of starters and delicious desserts.

Rare is not only about great food and service, it is also a contemporary Lounge and Cocktail Bar where customers can enjoy a beer, glass of wine or a superb cocktail and sit back and relax with friends. The business offers free Wi-Fi access, has full disabled access and children are welcome and catered for with their own menu.

The sale will include the company website, Facebook page and the business enjoys great visibility on the internet.

Scope to improve:


  • Extend the opening hours perhaps reintroducing breakfasts.

  • Explore online delivery options from the likes of Just Eat and Uber Eats, the current owner has some great ideas to move this forward that he would be willing to share.

  • Introduce a sandwich delivery round, as well as a takeaway service, lots of businesses in the area that would benefit from this.

  • Explore voucher discounters such as groupon and Wowcher.

  • Open as a night club / Gin & Cocktail bar in the evenings and introduce live entertainment / theme nights.

  • Advertising and marketing campaign, a local leaflet drop always yields good results.


Reasons to Buy:


  • A successfully trading profitable Turnkey Restaurant and Bar Business which is completely Free of any Drinks Tie.

  • A well-established business with an enviable reputation and many existing customers, in its twelth successful trading year.

  • Prime town centre trading position in a busy, vibrant shopping area and daily markets, with a very vibrant 'purple flag status' busy night time economy, with some major brands nearby including New Look, jd Sports, Home Bargains and Wilkinsons aswell as Wetherspoons next door Yates, Reflex and Revolutions to name but a few within 50 yards of the business premises on the same Iron Market pedestrianised location.

  • All quality fixtures and fittings included making this a real Turnkey business opportunity.

  • Ideal owner managed or partnership lockup business.

  • Current owner happy to offer a handover to ensure the continued success.

  • A real opportunity to increase turnover and profits significantly, current owner been running at a pace to suit.

  • Priced to facilitate a quick sale Rare Lounge Bar and Steakhouse in Dresden, Stoke-On-Trent also available to buy or lease seperately or together.


Hilton Smythe highly advise early viewing to avoid disappointment.

This lovely business is likely to attract considerable interest and values much higher than the asking price. Our client is also selling another Rare Lounge Bar & Steakhouse in Dresden, Stoke-On-Trent please see business reference B05785.

Location
Rare Lounge Bar & Steakhouse is in Newcastle-under-Lyme Main shopping town centre area.

Newcastle-under-Lyme is a market town in Staffordshire. At the 2011 census it had a population of 75,082. It is part of the borough of Newcastle-under-Lyme which had a population of 128,268 in 2016.

Rare Lounge Bar & Steakhouse is ideally situated in the main shopping centre of Newcastle and sits alongside other complimentary retail businesses, offices and housing and thus benefits from high levels of footfall and passing trade along with regular custom. The business is beautifully presented and maintained with clear visible signage and distinctive, upmarket livery.

Parking is free directly outside the premises on the Iron Market after 5.30PM and there are several inexpensive public car parks within easy walking distance.

Premises
Rare Lounge Bar & Steakhouse occupies a substantial premise in a period property that dates to the mid-18th century previously the town's Rectory Chambers and is presented and maintained to the highest standards and briefly comprises:

Bar / Restaurant;

Generous restaurant with a pleasing upmarket feel, windows and glazed door to the front creating a light, airy and inviting interior, expensive Indonesian hardwood flooring, fully air conditioned, 5 wall mounted widescreen TVs, Console table, nice quality tables and chairs currently providing approximately 100 covers but room for more if required, long bespoke l-shaped main bar with seperate cocktail bar with brick front and solid wood worktop, epos till systems, 4 glass fronted drinks chillers, 2 tall wine chillers, mirrored optic display, perimeter shelving, Fracino Coffee machine, barista style coffee machine, generous worktop with built in hand wash basin, Rear dining area with banquette seating and table and chairs which can be removed to provide a dance floor area, dj booth with mixers, double CD and TV systems, full disco lights and enhanced 'night club standard' speaker systems.

Kitchen;

Generously proportioned and comprehensively equipped catering kitchen, vinyl non slip flooring, Rational induction oven, Falcon char grill x 2, twin basket fryer, 4 ring gas range oven and hob, 3 commercial microwave ovens, twin stainless steel sinks with spray tap, window to rear, chest freezers, commercial dish washer, twin upright commercial fridge, upright stainless steel fridge, walk-in chiller, 3 compartment fridge with stainless steel top, 6 drawer chiller unit.

Dry Goods Room;

2 x upright fridge, perimeter shelving, decarboniser.

Staff Room;

With space for changing etc.

Amp Room;

Useful walk-in store with dj equipment and additional space for storage of cleaning materials etc.

Office;

Managers office with space for desk and chair etc.

Cellar;

With barrel equipment, carbonated drinks equipment, Maxi Mix beverage system, spirits store, handy storage room and loads of floor storage space.

Externally;

There is generous space to the front of the business to provide table and chairs for al fresco dining. Externally currently, the front pavement cafe on to the busy pedestrianised Iron Market thoroughfare seats 8-10 but this could be increased. There is also a very attractive quiet, private beer terrace to the rear side of the premises complete with outside furniture again suitable for outside al fresco dining. This area also has a heated and lit canopy ideal for a quiet drink with friends.

The business premises are secured by a monitored alarm system.

Tenure
We are advised that Rare Lounge Bar & Steakhouse is being sold as a leasehold business opportunity but maybe available to purchase the freehold.

The existing lease has approximately 4 years remaining, and we are advised that the landlord would be happy to negotiate a mutually acceptable lease with a new owner.

The current rent is £30,000 per annum which is reasonable given the size and location of the town centre premises.

We are advised that the business rates payable are approximately £9000 per annum.

Hours
Monday to Thursday: 16.00 – 23.00

Friday: 11.30 – 24.00

Saturday: 10.00 – 24.00

Sunday: 12.00 – 23.00

Throughout December the premises has an alcohol licence till 01.00 with 30 minutes drinking up time.

Staff
The business is run and managed by our client with the help of three full time and four part time members of staff.

Financial Profile
Rare Lounge Bar & Steakhouse, Newcastle-Under-Lyme generates an advised turnover of circa £287,000 per annum as of the 2019 accounts with a gross profit of approximately 62% and an adjusted net profit £89,575. For further information quote reference B05784.

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For more information about this property, please contact
Hilton Smythe Commercial, BL1 on +44 1204 351867 * (local rate)

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Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Hilton Smythe Commercial, and do not constitute property particulars. Please contact Hilton Smythe Commercial for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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