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Freehold:
£475,000

Well Known Chippy And Restaurant With Accommodation Premium Advert

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Reference13978 I / RightBiz
Status
FOR SALE
Advert ID198222
LocationIlfracombe, Devon
SectorFish And Chips Shops, Restaurants, Take Aways Businesses
Freehold Price£475,000
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LOCATION
Maddys Chip Shop & Restaurant is located on a busy tourist street in the centre of Ilfracombe, within the county of Devon.
Extremely visible with vibrant signage, the business sits in a very busy tourist area between the Harbour and Seafront within the town centre, adjacent to other complimentary businesses and operators both in-dependent and major. Plenty of patrons parking supports the town and its amenities, with Capstone Hill parking being close by.

As a coastal resort Ilfracombe is naturally surrounded by beautiful sea, coastline and panoramic views stretching from 'Hele Bay' to 'The Torrs' and Lee Bay. Widley popular in the tourist season, the area has a local population of circa 11,500 people and sits on the edge of 'Hillsborough Hill' on the North Devon coast.
With plenty of public transport, road networks are good via the A361 connecting Barnstaple, and the A39 north into Exmoor and Somerset.
Other nearby resorts include Woolacombe, and Croyde. Home to the Damien Hirst statue 'Verity' Ilfracombe is synonymous with general tourism, as a superb seasonal wedding venue, and is popular with surfing types and holiday makers.

BUSINESS
Hilton Smythe welcomes to the market Maddys, a long-established town centre restaurant and chippy, For Sale due only to our client's wish for a well earnt retirement.

A busy and popular chip shop takeaway and 38 cover sit-down restaurant business, with liquor license. Locally and more widely renowned, there is also a fantastic passing trade during the tourist season. Serving a traditional fish & chip menu, which it has been synonymous with for decades, the business has built up an enviable reputation for quality, service, and value.

In our client's careful ownership for decades, the reputation locally is superb. Widely reviewed online including Tripadvisor, the business benefits brilliant feedback and reviews and regularly scores 4.5 out of 5. The addition of a dedicated website and more local social media would be of benefit, although a popular Facebook page currently exists.

With an excellent existing set of accounting information both current and historical, there is plenty of room for organic growth. Ideal, perhaps for husband and wife team buyer or partnership, there remains lots of scope and growth.

PREMISES & EQUIPMENT
Substantial premises comprising two interlinked Freehold commercial properties:

To the one side at ground floor is a 38 Cover licensed restaurant, tastefully presented and displayed throughout, with rear scullery and serving area. Patrons WC & cloakrooms.

A large living quarters spans the upstairs of both properties, and is extremely versatile in its arrangement with external flat roofs and plentiful space.

To the other side at ground floor level is a fully equipped fish and chip shop takeaway with servery, full frying range, and hatch to restaurant area.

Both premises are linked at first and second floor levels, via two separate staircases, allowing a complete U' form walk around internally.

The upper floors have been renovated into a modern 4-bedroom family accommodation with newly fitted kitchen, large through-lounge, a large bedroom to the second floor, in all plenty of space for further conversion or to realign the building to suit differing needs.

TENURE
We are advised the business is being sold as a Freehold business opportunity.

HOURS
The business trades 12 noon till 22:00, 7 days a week.

STAFF
The business is run by a long-standing owner operator, with the help of some full and part time staff.

FINANCIAL PROFILE
Accounting information for the year ended 2016 shows an annual turnover of £272,284 with a Gross Profit of circa 60%.
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