Leasehold Restaurant Located In Looe, East Cornwall
TripAdvisor Travellers Choice Awards Best Of The Best 2024
Available For Private Functions
Award Winning
Ref 3067

Asking Price £49,950 plus SAV

Location
This outstanding Award-Winning Restaurant is located in the highly desirable harbour town and fishing port of East Looe in South-East Cornwall. Its prominent and highly visible trading position gives easy access to the many visiting tourists. Looe manages to be trendy and yet remains a great family resort with many restaurants and shops to visit all year round. Looe is (20 miles) west of Plymouth and (7 miles) south of Liskeard, divided in two by the River Looe, East Looe and West Looe being connected by a bridge.

Business Description
Veritas Business Sales are delighted to offer for sale this very popular Restaurant which is located in the fishing village of Looe, East Cornwall. There has been a restaurant trading from these premises for over 20 years and has been in the careful hands of our client for the past 2 years. The business is now being offered for sale so that he can concentrate on other business interests. Since ownership they have undertaken a complete refurbishment and invested in new equipment along with fixtures & fittings which are all bought and paid for and included within the sale price which is a huge plus for any new purchaser as additional funds will not need to be spent for some time. 50 Looe is owner operated and employs the help of 1 part time member of staff and for year ending 31st October 2024 achieved an annual turnover of £339,790. They serve high quality food which is freshly prepared to order using only the finest fresh local produce. The restaurant is also available for private functions, small wedding parties, christenings and such like and have regular enquiries regarding these. We believe that there is further potential to increase trade should you wish, as they do not currently open in the day for lunch despite large demand during the holiday season. The business already enjoys a strong reputation within the local community and beyond and as such has a high level of regular and repeat trade along with many visiting tourists. This is a superb opportunity to purchase a growing business with further potential which is a great base to build upon and as such early viewing is highly recommended.

Opening Times
Tuesday - Saturday - 17:30 - 21:30
Monday & Sundays - closed

Leasehold
Original term: 7 years
Remaining: 5 years
Rent: £12,220 pa ( paid weekly)
Reviewed: 3 yearly
Business rates: zero

Ground Floor
Restaurant (7.2m x 5.2m) comprising: 15 tables and chairs to cover (30), window seating, feature fireplace with log burner, large wall mounted mirror, wall mounted mirror, various pictures, bar area, cash drawer with iPad, glass washer (Sammic), 2 drawer drinks fridge (Glacial), coffee grinder, espresso coffee machine (Conti), ice machine (Silver Croft), various shelves, wine glass rack, wine rack and wash basin. Kitchen (4.9m x 4.0m) comprising: 7 ring cooker, various work surfaces, 2 x stainless steel prep tables, 5 hot lamps for service, oven (Buffalo), stainless steel prep table on wheels, upright fridge (Kenwood), undercounter fridge (Indesit), dishwasher (DC Series), 2 x stainless steel sinks with drainers, microwave (Sharp), wash basin, undercounter fridge, extraction hood, various shelves, undercounter stainless fridge and undercounter fridge (Foster).

External
Prep room (4.4m x 1.6m) with upright freezer (Beko), oven (Buffalo), microwave (Buffalo), undercounter fridge, various shelves, various work surfaces, microwave and wash basin.
Storeroom (1.0m x 2.0m) with various shelving.
Toilets Ladies & Gents with w/c, wash basin and wall mounted mirror.

EPC Raring E

Veritas Business Sales has been at the forefront of Business Sales, Acquisitions, Disposals and Commercial Property Sales for many years. We handle SMEs, company share or asset sales or just the disposal of a lease, so we pretty much have it covered. Once you have made the life-changing decision to sell your Business, the next most important step is to instruct the correct agent. At Veritas we have the experience, contacts and marketing power to expose your most prized asset to the right calibre of purchaser. We understand the mechanics behind a multitude of sectors to ensure that the process is both smooth and hassle-free to our clients. We liaise with all parties involved to include Landlords, Solicitors and Accountants and keep you updated with the conveyancing and contract matters every step of the way. We have carved a reputation as specialist agents to the catering trade and have recently sold millions of pounds worth of Fish & Chip Restaurants in The West Country. Other sectors include Licensed, Leisure, Health Care, Retail, Franchising and Property. Our Head office is located in Solihull with further offices in Truro, Nottingham, Norwich and soon to be Cardiff. Whether you are selling a Coffee Shop in Warwickshire, a Public House in Worcestershire, a Residential Care Home in Cornwall, a Retail business in The West Midlands or a Hotel Glamorgan. We have the knowledge and expertise to help with your exit strategy. We have a network of Consultants across the UK so choosing a business agent that understands your business and the benefits of its location means that we can strategically present your concern to a focused audience. Contact us for your free and confidential no obligation business valuation at a time and date to suit.

Restaurant for sale

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