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Licensed Cafe Bar And Bistro In Lancashire For Sale

Lancaster, Lancashire
Asking Price:
£99,950 Furniture / Fixtures included
Sales Revenue:
£127,832
Cash Flow:
Available on request

**Accounts Audited 30 April 2018**
Annual Turnover £127,832 (Audited 30 April 2018)
Gross Profit £87,545 (Audited 30 April 2018)
Low Rent & Rates
Excellent Online Reviews
Top 1% In Lancashire On TripAdvisor
5* Food Hygiene Rating
Stunning Trading Location Glasson Dock
Free Of Tie
Customer Seating for 38 Inside/38 Seats Outside
Scope To Extend Bistro Trading Hours
EPC - D

REF 6303 – Leasehold Licensed Cafe Bar & Bistro

Blacks Brokers are pleased to bring to the market this leasehold licensed café bar and bistro located in the beautiful and much sought-after area of Glasson Dock, Lancaster.

Introduction

The Lantern O'Er Lune has been operating on Tithebarn Hill for over forty years, with our client in ownership since 2015. The business is very well-known with a superb reputation and five-star hygiene rating – customers often make bookings well in advance of their visit and travel from many surrounding areas. Our client has also established a large online and social media following, and the business has many excellent reviews on Google, Trip Advisor and Facebook. Trip Advisor rates the bistro in the top 1% of eateries in Lancashire. Among the many accolades The Lantern O'er Lune has received, in 2018 alone it was voted the No1 Bistro in Lancashire by Lancashire Evening Post readers and was finalist in the category for Cafe & Tearooms in the Lancashire Life Good Food Awards. The Lantern offers a range of high quality food and beverage choices in addition to hosting private events and celebrations.

Location

This business occupies a most impressive, prominent trading position sitting adjacent to the marina and harbour at Glasson Dock. This stunning location is within a conservation area and is set on a heritage site. The area is well-populated but also brings year-round visitors and is well linked by M6 motorway, making it easily accessible. There are excellent, off road parking facilities and public transport links are good.

Reason for sale

Reluctantly, due to a recent serious health issue, our client has decided to offer the business for sale; this presents an excellent opportunity for a new owner-operator or team to take the business to the next level. The bistro has operated very successfully over 6 days and 2 evenings, with a waiting list for evening tables, but is currently pared back to run at a pace which suits our clients current circumstances. With the drive and ambition of a new owner this bistro definitely has the potential to operate 6 or 7 days and nights a week as its reputation is already established.

Lease

The building is available on a competitive rent on a Full Repair and Insure lease (FRI lease). This is the most common form of commercial property lease. The current lease is seven years with rent reviews every three. The current lease began in 2015 at a cost of £161 per week. We are advised that the landlord is open to a new lease negotiation with a new business owner, if desired.

Building layout and design

The business is positioned within a large, detached corner property in a prominent trading location, with multi fronted windows. To the front there is a spacious and well-presented terrace with seating for 38. The business is well branded with clear signage displayed and welcoming menu boards and a-frame positioned externally. Inside, the main entrance leads directly into the bistro, which offers seating for a further 38. The bistro is finished to a high standard, with freestanding tables and chairs, wooden flooring throughout and modern décor and lighting. To the left-hand side of the bistro there are two ladies and gentlemen’s unisex toilets, and a storage room. The servery area is furnished with a bespoke, fitted serving counter with shelving and drawers and to the rear of this is a food preparation room and fully fitted stainless steel kitchen. This is a professionally fitted, commercial kitchen complete with six-burner gas stove and oven, commercial burger maker, wall mounted grill and much more. There is also a dry store room, freezer room and vegetable preparation area containing chipper and rumbler. Each area is presented and finished to exacting standards, with an array of excellent quality fixtures, fittings and equipment in place.

Staff

The business is currently operating with one full-time and three part-time members of staff in place. Our client is overseeing the management of the business on a full-time basis.

Financial details

The Lantern O'Er Lune has traded solidly during the last forty years and has flourished since our client took ownership in 2015. The accounts for year ending 30 April 2018 show annual turnover of £127,832 with a gross profit of ££87,545. It is to be stressed that the business is currently being run at a pace to suit our client’s circumstances, where there is further scope and demand to introduce longer opening hours and days to increase this revenue.

Summary

This leasehold business occupies a most enviable trading position and has an incredible reputation and customer base. There is plenty of scope to develop the business further with additional opening hours to include more evenings and to introduce a delivery service and possibly outside catering. 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 very strongly advised.

Property information

Property:

Leasehold

Business Operation

Trading hours:

Mon & Tue - Closed
Wed - 10am - 3pm
Thur - 10am - 3pm
Fri - 10am - 3pm / 6pm - 9pm
Sat - 10am - 3pm / 6pm - 9pm
Sun - 9.30am - 3pm

Contact Information

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