Ref 7181 – Leasehold Restaurant & Takeaway With Accommodation
Blacks Brokers are pleased to bring to the market this leasehold restaurant & takeaway with accommodation located in St Neots, Cambridgeshire.
Hong Kong Restaurant was established by our client in this busy area of St Neots in 1969. The business offers a range of freshly made Chinese foods. It has become very well known in this area and 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 and superb reviews are noted online. Hong Kong Restaurant has a comprehensive website in place.
Hong Kong Restaurant occupies a prominent town centre trading position within a busy area. The area is densely populated commercially with neighbouring businesses including independent retailers as well as large multiples such as Lloyds Banks and Holland & Barratt. St Neots Marina is also close by as well as St Neots Rowing Club. The area is well linked by the A1 with very strong public transport links and parking is available in the surrounding area.
The business is ideally suited to a hands-on owner-operator but due to our client’s family commitments, 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 a Full Repair and Insure lease (Fri lease). This is the most common form of commercial lease. The current lease is a fifteen year lease which began in 2017 at a cost of £650 per week.
The business operates with two full time and two part time members of staff in employment supporting our client working on a part time basis.
Hong Kong Restaurant has traded solidly since opening and our client has established a strong repeat customer base. Accounts for year ending 30th November 2019 show annual turnover of £206,846 and gross profit of £135,140. Full financial information is available upon request.
The business has a rateable value of £7,000. Purchasers should enquire with relevant local authorities to confirm the rates payable.
This reputable and long established business occupies an enviable trading position in a busy and highly sought after area of St Neots. Our client has secured a strong customer base and exceptional reputation. There is plenty of scope to develop the business further with the introduction of new menu choices and longer opening hours. The setting could accommodate any cuisine. 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: £139,000.
Please quote ref: 7181