Bar Club And Restaurant For Sale

Business description

This is succesful bar located on the edge of luton town centre directly opposite Luton university.The bar is called Manhattans formerly known as the cork and bull public house .The venue was opened up in december 2007 with a brand new mediterranean bar/club feel.Due to its unique location it is very popular with students and the 25 to 40 year olds,currently operating 7 days a week with a good gross weekly turn over.The venue had a full refurbishment back in December 2007,there is 6 years left on the lease which will be renewed for 10 years , rent is 36,000 per annum reviewed every 5 years. The bar has themed nights , Tuesdays is pool where the manhattans pool team challanges other local venues both home and away games are played , wednesday evenings is R n B night called Nice n Smooth with a top local DJ who attracts a big following , Thursday nights is quiz and karaoke night whist Friday nights are dedicated soley to private functions such as wedding receptions, birthdays and such like , which are currently booked up now till the end of februrary 09.Saturdays the venue caters for a rock/indie crowd which reaches capacity most weekends .Finally sunday night is our over 30,s night called Heart 2 Heart which is a very popular session for the more maturer customer.The bar opens daily from 11 am and operates with a 5.00 am license on Thurs , Fri and Saturdays , Sunday through to Wednesday a 2.00 am license is in place, however an application has just been submitted for a 5.00 am license to be in place 7 days a week.The bar has a steady flow of day time regular customers and food is a available 7 days a week with Sunday roast dinners being our speciality.The venue also benefits from a second function room which has only recently been completed equipped with a bar disco lighting and dj console,this room measures approximately 40 ft x 30 ft and can hold up to 50 people. The capacity of the main bar is 250 +. The main bar area measures approximately 80 ft x 40 ft and benefits from raised seating areas,the disco console and lighting effects are permanent fixtures ,a large projection screen is used for dvd s and television projections , 2 gaming machines are installed ,1 pool table , 1 juke box , and 1 vending machine which is used for both confectionary and cigarette vending.There is also a huge 3 bed flat above the bar which brings in an monthly income of £960 per month , a huge fully equipped kitchen for both lunch time and evening meals is located directly behind the bar serving area , a double garage is located in the car park which belongs to the bar ,The car park holds approx 40 cars.An electric external conopy at the rear of the bar extends into the car park which provides a unique sectioned patio area for smokers.
The bar is tied to admiral taverns for the purchase of all beers and soft drinks ,however spirits, alcopops , wines and ciders are free of tie , new deals are always available from admiral which have always been pretty reasonable.forthcoming developments include the construction of a hotel behind the bar which will no doubt attract new business. Finally a huge arts centre is currently under construction once again a few hundred yards away from the bar which can only add to business.Accounts for the first and second year of trading are now available for any serious buyers to view, the lease is currently 6 years however this will be renewed for a full 10 years on the appointment of a buyer.The bar has just had a brand new floor laid costing £7000 which looks stunning.This bar would be ideal for someone looking for a venue that can offer the versitility of operating as either a bar or a club with the option of the availability of a daytime restaurant facility .The business is sold as seen complete with all fixtures, fittings ,furnishings and stock.

Property information

Property:

Leasehold

Lease terms:

Apprx 6 years of lease remaining , which will be renewed on appointment of a new buyer
Rent £36,000
Council Tax £650 per month

Living accommodation:

3 large double bedrooms 1 large kitchen 1 large dinning room bathroom wc Garage Double garage storage cupboards

Location:

The bar is located at the junction of Cumberland St and Park St
both these roads are prime high street locations address :
4 CUMBERLAND STREET
LUTON BEDS LUI 3BW

Other information

Expansion potential:

A small private function room has now been completed with a bar dj console and lighting this now enbles the bar to have two private functions on at anyone time.I am currently in the process of extending the licensed hours to 5am 7 days a week .

Competition / Market:

Manhattans is the only bar of its kind in the area, manhattans can be operated as a nightclub as it has a late licence 2.00am mon to Weds and 4.30 am Thurs ,fri and Sat , Sun till 2.00am .There are a few small pubs nearby but not offering the same product and certainly no threat.

Support & training:

Admiral Taverns offer many free training courses

Reasons for selling:

plan to move to Cyprus this year (December 2008)

Trading hours:

mon-weds/11am-2am thurs-sat/11am-5.30am sun/11am-2.00am.

Financing available:

I am willing to negociate financial terms with a serious buyer .

Furniture / Fixtures value:

£20,000 (included in the asking price)

Inventory / Stock value:

£6,000 (included in the asking price)

Website:

myspace.com/manhattansbarluton