Ref 5812 – Leasehold Café and Diner
Blacks Brokers are proud to bring to the market this leasehold café and diner located in the much sought-after area of Bury, Lancashire.
Lilly Kings has been trading on Market Street in Bury town centre since 2016 and has already gained a large and loyal customer base and a superb reputation. The café and diner offers an array of fresh food and drinks in a relaxed and welcoming environment.
Situated on one of Bury’s main shopping streets, the business is well positioned for both local trade and trade from passers-by and visitors to the area. This pedestrianised shopping zone is busy year-round and is surrounded by many other local businesses, shops and some residential properties. Bury is well linked by the M66, parking is available in the immediate area and public transport is readily available close by.
Lilly Kings is only being offered for sale due to a change in our client’s personal circumstance and family commitments.
The building is available on a competitive rent on an Internal Repair Only lease (iro lease). This is one of the most common forms of commercial property lease. The current lease is 10 years with rent reviews every 5 years. The current lease began in 2016 at a cost of £384 per week, rising by £1,000 per year for the first 5 years.
Lilly Kings is housed within a large, double fronted commercial unit, set over two storeys. Strong branding and signage is displayed to the front of the business and on the mainly glazed frontage. Inside, the customer dining areas are split over both the ground and first floor. The space offers searing for around 80 – with 50 on the ground floor and a further 30 on the first floor – the tables are spaced for privacy and comfort, and more could be introduced if required. Additionally, there is space for further seating for 12 externally in the finer months with a licence in place already. The ground floor also houses a well-equipped and beautifully presented servery area and preparation area with the main catering kitchen housed within the first floor along with both staff and customer toilets. Each area is presented exceptionally well, with all new and high-quality fixtures, fittings and equipment installed within the last year (as of August 2017).
Lilly Kings is currently operating with one, full-time member of staff in employment, along with seven, part-time members of staff. Wages bring a cost of £28,000 per annum.
Financial details are available upon a viewing of the business and Lilly Kings has traded solidly over its trading history. The business generates annual turnover £130,000 with gross profits of £104,000 and most customers are from the local area, as one would expect. Some additional trade comes from passers-by and visitors the area which is well known for it’s famous market. Rates payable are £365 per week.
This leasehold business delivers impressive weekly takings and has gained a large and loyal customer base and great reputation within it’s first year of trading. There is plenty of scope to develop the business further and there are even more income opportunities through the introduction of later opening along with Sunday opening and events such as prosecco evenings and event hosting. 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 strongly advised. Business: £39,995.
Please quote ref: 5812