Hilton Smythe welcomes to the market The Crossways Inn. This was a historic coaching inn originally established in the 17th century. Our client took over the pub in 2015 and is looking to sell the business, due to the desire to relocate abroad.
This is a traditional free of tie, food led county inn. Figures are split 68% dry and 60% wet sales. Wet sales are mainly cask, keg, and real ales sales. The food is very popular with local village clientele. Fayre is traditional home cooked pub food, this includes steaks, mixed grills, burgers, bbq ribs, sandwiches plus Sunday lunches.
The business generates a turnover in the region of £150,000 as of the 2015 accounts, with a gross profit of 59%. This is a healthy turnover; however, we feel there is scope to improve this figure. The pub is currently closed on Mondays and so, the new owner should look to open 7 days a week and extend opening hours till late, to maximise the amount of custom each day.
The pub has a skittle alley, this is used by the pub skittles team. With regular meetings, the pub does see repeat loyal trade. Pub teams and sporting events are a great way of boosting custom. The pub also has two darts teams. A pool table could encourage more pub games.
The business has a great online presence. The pubs Facebook page is kept regularly updated with events, new dishes and promotions. Social media is a cost-effective way of marketing a business. Crossways also features on TripAdvisor this is a great site, well used by tourists. The business has some great reviews on the site boasting about the tasty dishes available.
The sale includes a three-bedroom owner’s accommodation above the pub. This is a great space that is ready to move into. The accommodation has been well-maintained by the current owners. Rooms could be let out if not required by the purchaser. This could generate an extra income.
This is a fantastic free of tie Leasehold opportunity that is not to be missed. Hilton Smythe highly advise early viewing to take in the full potential of the trade.
The Crossways Inn is located in Okehampton, Devon.
The pub is set in a desirable rural location, in a village called Folly Gate. The business is situated on a busy main road and benefits from heavy footfall and passing trade. There are several independent businesses along this stretch, this includes farms and a dog groomers. The area also has a large amount of residential property.
Okehampton is a market town, with a population of circa 7,000. The town is located in the centre of Devon just North of Dartmoor National Park. Exeter is approximately 30 miles away from the town.
The A386 Narratons Road is an arterial road in the town. It starts at Bideford and heads South to Plymouth. Okehampton town centre is just a short 5-minute drive away from the pub. The town has all amenities and benefits from a great bus service. Buses run daily to Great Torrington, Hatherleigh, Tavistock and Newton Abbot. The closest train station is on the other side of town.
The Crossways Inn boasts a substantial sized detached property. The pub is clearly signed, visible to passing trade. The site has ample customer and staff parking. To the rear of the property there is a beer garden, this is great for sitting out in the warmer summer months.
The property briefly comprises of-
The property is full of character and dates back to 17th century. Features include exposed beams and timbers, double coaching door entrance, central brick servery and open feature fire place. There is a soft seating area with log burner plus plenty of loose tables, chairs and stools. There is access to the lady’s toilets from here.
This room is a great size and again retains the character of the property. There are covers for 30 in this room, this is used as the main restaurant space. The room can double up as function room for private parties. There is also a mobile skittle alley for the skittles team, this drops in and out. The room has plenty of loose dining furniture. Rear access vestibule to beer garden, plus disabled WC.
Fully equipped stainless steel kitchen with cooking range, extraction fan, stainless steel preparation and server. There are also separate dry stores and ancillary areas. The kitchen also has access to the beer cellar and upstairs owner accommodation.
The owner’s accommodation has three bedrooms. The flat is tastefully presented with a kitchen and bathroom.
The building is fitted with electric heating as well as log burners.
We are advised the business is being sold as a Leasehold opportunity.
Original lease length: 15 years
Remaining lease length: 13 years as of 2016.
Rent: £20,000 per annum
The business opening hours: -
Tuesday - Sunday: 12pm – 3pm & 6pm - Close
The business is run and managed by our clients, with the help of five-part time members of staff.
The business generates a turnover in the region of £150,000 as of the 2015 accounts.
Gross profit 59%