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Listing ID: 2776285

Excellent Restaurant In Orkney For Sale

Kirkwall, Orkney Islands, Scotland

£ 350,000

Revenue: not disclosed

Cash Flow: not disclosed

Business Description

Stunning business opportunity and outstanding licensed restaurant proposition superbly located in Kirkwall, the capital of the Orkney Islands.

An exceptional quality restaurant in the town centre on a main thoroughfare with excellent passing trade.

Trading year-round with strong rising turnover (c£374,000 – Nov 2016) resulting in excellent profitability (c£94,000 – Nov 2016).

Exciting restaurant opportunity with well-presented and superbly equipped public and trading area with a net internal area of c150m2.

Easy to operate business model which could be traded under management and for experienced motivated new owners there is strong business development potential.

Property Details

Property Type:

Real

Other Details

Business Location:

Lucano’s is found in Kirkwall on the beautiful Orkney Islands. Kirkwall is the Islands main town with around 9,000 inhabitants. This welcoming community is supported by well-established infrastructure and social facilities locally. There are excellent sports and leisure facilities and the £15 million Pickaquoy Centre in Orkney is recognized as a first class facility. The standard of education in Orkney is also extremely high with Kirkwall Grammar being recognised as one of the best in the Country. Kirkwall is a major administrative and communications centre with Ferry Services to Aberdeen and Lerwick. The Town has a strong history encompassing pre-history, Pictish and Viking heritage which is reflected in the many places of interest to visit. The islands are home to around 19,000 inhabitants, who enjoy an enviable quality of life, amidst stunning and varied scenery, all bounded by the ever-changing sea. Besides abundant wildlife, Orkney holds possibly the greatest concentration of archaeology in NW Europe, including the unique Neolithic village of Scara Brae, and the group of sites clustered around the Ring of Brodgar, and known as Orkney’s Neolithic Heartland, which was granted World Heritage status by UNESCO in 1999. Visitors can also enjoy the vibrant contemporary culture and a wide range of activities including excellent fishing, bird watching, golf, climbing, walking and sailing, though many simply enjoy the peaceful ambience of the islands.

Premise Details:

DESCRIPTION Lucano Restaurant offers a tremendous business opportunity for either experienced operators looking to expand their portfolio or new entrepreneur’s wishing to take on the mantle of self-employment. This is a popular and renowned Italian restaurant situated in an excellent trading location, within the town centre of Kirkwall. Lucano’s provides a quality business with exceptional fixtures and fittings plus a strong reputation for excellence in food provision and service. The business trades from a format of quality Italian cuisine which is prepared from fresh, locally sourced produce wherever possible. The restaurant is named after Lucania, an ancient district of southern Italy renowned for its earthy and honest food reflecting the area's rural traditions. A key selling feature of this restaurant is the modern quality décor and the high level of service support facilities. The charming ambience of the restaurant plus the strong trading location makes this a most attractive business and investment proposition. Set to around 50 covers, the trading area covers approximately 79.2m2. The service support areas extend to 73.3m2. TRADE Lucano’s has a sustainable trading model with its appeal to both locals and tourists alike. The demand for excellent cuisine on the Island is high especially during the busy summer month’s resulting in the business operating at a high level employing around 9 staff. The current owner does not work directly within the business which means that a new proprietor with a strong desire to have a more hands-on role could drive a higher level of profitability. The present operation trades 7-days a week, to a consistently high level with strong rising turnover (c£374,000 – Nov 2016) resulting in excellent profitability (c£94,000 – Nov 2016). REASON FOR SALE The present owners have operated Lucano’s since December 2010, but it is their desire to focus on family issues on the mainland which brings this desirable and highly profitable business opportunity onto the market. THE PROPERTY Lucano Restaurant is of traditional construction under slate roof. The building benefits from modern fixtures and fittings throughout and has accommodation laid out to two floors. PUBLIC AREAS From the front of the building, the main door provides access into the open-plan customer seating area which can comfortably seat 50 diners utilising free-standing tables and chairs. To the left is an area with fixed seating and a waiting zone for customers ordering take-away products. The bar is also accessed from here and is stocked with a fine range of wines and other beverages. It is immediately obvious that the current owners have invested significantly and wisely into the infrastructure and furnishings. The ambience of the trading area perfectly matches the functionality of the business. The customer facilities extend to disabled, gents and ladies W.C’s, which are all well-presented. The service areas are well-appointed with a large, exceptionally well-equipped modern kitchen which is ideally suited to both a busy take-way service plus a vibrant restaurant trade. The business benefits from a modern walk-in chiller and freezer. There are ample ambient dry-goods and beverage stores. On the second storey is an office facility and a staff W.C. PRIVATE ACCOMMODATION There is no private accommodation with this sale but there are two flats in need of renovation available by separate negotiation. SERVICES Mains electricity, water and drainage plus bottled propane gas for cooking only. The business has a modern electric boiler providing hot water. TRADE Trading figures for the year to 30th Nov 2016 show a turnover of c£374,000 net of VAT and adjusted net profit of c£93,000. The current proprietor does not work fully hands-on within the restaurant which provides enthusiastic new owners with an opportunity to increase turnover and profitability.

Living Accommodation?

There is no private accommodation with this sale but there are 2 flats in need of renovation available by separate negotiation.

Miscellaneous

Reason For Selling:

The present owners have operated Lucano’s since December 2010, but it is their desire to focus on family issues on the mainland which brings this desirable and highly profitable business opportunity onto the market.

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