Sold

Popular Thai Restaurant

Cheddar, Somerset

£69,999 +SAV

Ref: B04895

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Description

Hilton Smythe are pleased to have been given the opportunity to manage the sale of Moon Thai Limited trading as Lao Thai Restaurant which is a well established business with a renowned reputation amongst local residents. This is a superb opportunity to take on a high turnover local business in an area teeming with customers.There has been a restaurant type business at this site for many years, but the current owner has been running it as Lao Thai for the last two years or so during which time it has seen turnover increase massively and gain a reputation as the premier eating place in the area. The business is now being sold, albeit reluctantly and with a heavy heart only due to the owners wish to relocate to Thailand.Lao Thai Restaurant is a popular restaurant which also offers takeaways and deliveries . The business features tastes from Luangprabang, the world heritage city in the north of Laos, and Khao Kho, Phetchabun province in northern Thailand. The dishes are all authentic Lao, Thai and Issac cultural regions and offer a mixture of tastes, textures, spices and colours which provide a unique experience for their customers.The business offers a comprehensive menu including;• Lao Starters• Thai Starters • Lao Main Dishes• Thai Main Dishes• Vegetarian options• Rice and Noodles • Chefs specials• Desserts The business has many regular customers and the sale will include the company website (laothai.co.uk) and all social media platforms . Lao Thai Restaurant enjoys fantastic visibility on the internet with brilliant reviews.Lao Thai Restaurant is proud of its five star hygiene rating.Reasons to Buy.1. A well established business with an enviable reputation and many existing customers 2. Prime trading position at the start of the Village with incredible footfall during the warmer months3. Immaculately presented and maintained. The business has had over £60,000 of renovation and improvement work carried out in the last 12 months alone.4. Everything included in sale making this a real Turnkey business opportunity 5. Current owner happy to offer a handover to ensure the continued success 6. Ideal owner managed or partnership business 7. Low running costs with inexpensive rent and no business rates 8. A real opportunity to increase turnover significantly, current owner has been running at a pace to suit.9. A real lifestyle opportunity offering the possibility of working in the beautiful and world renowned village of Cheddar.10. Priced to facilitate a quick sale.Hilton Smythe highly advise early viewing to avoid disappointment. This really is a lovely business and arguably one of the nicest restaurants of its type to come to the market for some time, it is likely to attract considerable interest.

Tenure

Leasehold

We are advised that Lao Thai Restaurant is being sold as a leasehold business opportunity. The existing lease expires in 2024 and the landlord would be happy to negotiate a mutually acceptable lease with a new owner. The rent is £18,000 per annum which is really reasonable given the size and location of the premises.We are advised that the business benefits from being exempt from business rates.

Hours

Monday 5.30pm-12.00 midnightTuesday ClosedWednesday to Sunday 5.30pm-12 midnight

Staff

The business is run and managed by our client and his wife with the help of 3 full time members of staff.

Financial Profile

Lao Thai Restaurant generated an advised turnover of circa £150,000 as the 2018 accounts with a gross profit of approximately 50%. It needs to be appreciated that the business was closed for 4 months during renovations, an ambitious, experienced and entrepreneurial new owner should see the turnover increase significantly.

Location

Lao-Thai Restaurant is located in Cheddar in the county of Somerset.Cheddar is a large village and civil parish in the Sedgemoor district of the county of Somerset. It is situated on the southern edge of the Mendip Hills, 9 miles north west of Wells. The civil parish includes the hamlets of Nyland and Bradley Cross. The village, which has its own parish council, has a population of 5,755 and the parish has an acreage of 8,592 acres. Cheddar is a popular tourist destination and it’s streets absolutely throng with visitors during the warmer months with people visiting from all around the World. Cheddar Gorge, on the northern edge of the village, is the largest gorge in the United Kingdom and includes several show caves, including Goughs Cave. The Gorge has been a centre of human settlement since Neolithic times. The village gave its name to Cheddar cheese and has been a centre for strawberry growing. The crop was formerly transported on the Cheddar Valley rail line, which closed in the late 1960’s but is now a cycle path. The village is now a major tourist destination with several cultural and community facilities, including the Cheddar Show Caves Museum.Cheddar is situated on the A371 road which runs from Wincanton to Weston Super Mare. It is approximately 5 miles from the route of the M5 motorway with around a 10 mile drive to junction 21 or 22.Lao Thai Restaurant is perfectly positioned at the start of the Village in a main road position and sits alongside other complimentary retail businesses, most of which are interesting independents such as ice cream retailers, gift shops, cafes, delicatessens, clothing stores, fudge and sweet shops, etc. Lao Thai Restaurant benefits from unusually high levels of footfall and passing trade from the thousands of tourists that visit the village each week. The business is beautifully presented and fastidiously maintained with bright, clear visible signage and distinctive livery. There is free on street parking nearby as well as an inexpensive public carpark immediately opposite.

Premises

The business occupies a two storey end terraced property and is presented to the highest possible standards. The entire premises have been fully renovated in the last 12 months following a burst pipe and no expense has been spared ensuring it is the nicest restaurant for many miles. The premises briefly comprise;Restaurant Entrance hallway to front leading to;Restaurant Glazed door and windows to front creating a light, airy and inviting interior, expensive looking and newly installed wood effect flooring, suspended ceiling with LED spotlighting. Beautiful elaborately carved wood tables with glass tops (£2000 each) and leather effect chairs currently providing 32 covers, bespoke bar / counter with complimentary back marble effect worktops, coffee machine, Polar glass fronted wine chiller, twin glass fronted drinks chillers, glass washing machine, under counter fridge, stainless steel sink and drainer, beech effect floating shelves and dumb waiter. The restaurant really is beautifully presented and has a real upmarket feel to it.Customer Toilets There are male and female toilets, newly refurbished with hand wash basin etc.First FloorKitchenComprehensively equipped and generously proportioned catering kitchen, non slip vinyl flooring, full extraction system with stainless steel canopy, commercial gas stove with five wok burners, freestanding cooker with four gas burners and oven beneath, stainless steel preparation tables, new twin basket fryer, Lincat warming cupboard, three compartment stainless steel fridge (used for storage) with stainless steel top, stainless steel sink and drainer, perimeter shelving, 2 Panasonic microwave ovens, washup area with a further stainless steel sink and drainer, Chefquip commercial dish washer, separate hand wash basin, dumbwaiter, white microwave oven, perimeter shelving, two industrial stainless steel upright fridges.Freezer RoomJust off the main kitchen is a freezer room with chest freezer and upright freezer. There is also useful under eaves storage.Externally To the rear of the premises is a small yard which is ideal for wheelie bin storage .Dry Goods / Freezer RoomThere is also a detached, brick built store room with power and light with two chest freezers, perimeter shelving and additional floor storage space.Staff WCThere is a staff toilet with hand wash basin.

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