Licensed Caribbean Restaurant Located In Coventry

Licensed Caribbean Restaurant Located In Coventry
Ref 2904

Location
A fantastic opportunity to acquire this respected Caribbean Restaurant & Bar which is located in Coventry. Situated on Fargo village which is a creative quarter on Far Gosford Street and has benefitted from a £5 million overhaul. On site you have an eclectic mix of over 40 complimentary independent retailers which is why the location is unique and oozes a rich cultural heritage.

Asking Price £49,950 plus SAV (£3,000)

Business Description
Veritas Business Sales are delighted to offer for sale this delightful Caribbean Restaurant & Bar which is located in Coventry. The business was established by our client back in 2016 and is now being offered for sale due to ill health. Since ownership they have kept the premises in good order and the equipment along with fixtures & fittings which are all bought and paid for are included within the sale price. Ermie’s is overseen by the owner and operated by a team of staff and for year ending 2022 posted an annual turnover of £184,855 net of vat with a GP of £139,539 (75.5%). The menu offers a fine range of authentic Caribbean street food along with a vegan menu and all can be enjoyed with a full range of alcoholic & soft drinks menu.
We believe that there is huge potential to increase revenue by extending upon the current opening times. Currently the restaurant only trades 4 days a week. The restaurant enjoys a strong reputation within the local community and beyond and as such has a high level of regular and repeat trade. This is a superb opportunity to purchase an established business or even change the cuisine. Please bear in mind that the landlords will only agree to a cuisine that’s not already in the area. Early viewing is highly recommended as this is not to be missed.

Opening Hours
Monday – Wednesday – closed
Thursday – Saturday – 4:00pm – 9:00pm
Sunday – 12:00pm – 6:00pm

Leasehold
Term: 10 years
Remaining: 3½ years
Rent: £17,500 plus vat pa
Service charge: £7,130 plus vat pa
Business Rates: zero

Ground Floor
Restaurant comprising: tables & chairs to cover (25), bar servery with 2 x undercounter double door bottle fridges, stainless steel sink drainer, optic shelves, ice crusher (Caterlite), espresso coffee machine (Ascaso), triple flavour slush machine, and blender (Margarita), air-conditioning unit and projector screen.
Commercial kitchen comprising: plate warming cupboard, microwave, stainless steel worktop with 4 draw fridge, extraction canopy, dual deep fat fryer, stainless steel counter with pass, stainless steel sink, stainless steel work table, convector oven (Turbofan), charcoal BBQ, 4 ring electric hob (Lincat), 2 wall mounted shelves, stainless steel sink, stainless steel wash basin, metal storage racking, stainless steel wall cladding and insect zapper.
Staff W/C with wash basin.
Disabled/ladies W/C with wash basin, baby change, wall mounted hand dryer and hand soap dispenser.
Gents W/C with wash basin, wall mounted hand dryer and hand soap dispenser.
Hallway with cleaning storage cupboard.
Dry stores with hot water boiler (Zip Aquapoint), staff lockers, storage shelves and alarm box.

First Floor
Restaurant with tables & chairs to cover (40), bar area comprising: double door drinks fridge, CCTV monitor, music system, espresso coffee machine (Expobar), coffee grinder, stainless steel sink and 4 wall mounted storage shelves.

External
Tables & chairs with seating for (16). Bin area and vendors parking for (1).

The property benefits from a CCTV (8) camera system and an intruder alarm.