Staithe N Willow Up For Sale

[NorfolkNog]

At this price it's got to be the lease - the freehold would be eye watering.

Nice little business anyone? 

 

https://www.edp24.co.uk/news/business/thatched-broads-restaurant-for-sale-7071582

 

[Jbx5]

It seems a good price but only 3 year lease left (how much to renew if you can ??)£26 k rent Per year .

John

[Oddfellow]

Hell, you'd have to go some to cover that rent in these times. Can't see anybody crazy enough.... Mind you, there are some mad people about. 

 

[YnysMon]

What a shame. When we first visited the Broads about 5 years ago Staithe and Willow was our go-to place for breakfast after our final handover. Top quality brekkie and very dog friendly.

Last time we visited (might have been around early 2019?) for a Sunday roast we weren’t impressed but some months after that we noted it had changed ownership. Judging from the initial reviews we were very much looking forward to trying it out but didn’t get the opportunity.

Must have been heartbreaking to take over a new business just then.

[ranworthbreeze]

4 hours ago, YnysMon said:

What a shame. When we first visited the Broads about 5 years ago Staithe and Willow was our go-to place for breakfast after our final handover. Top quality brekkie and very dog friendly.

Last time we visited (might have been around early 2019?) for a Sunday roast we weren’t impressed but some months after that we noted it had changed ownership. Judging from the initial reviews we were very much looking forward to trying it out but didn’t get the opportunity.

Must have been heartbreaking to take over a new business just then.

Hello Helen, It could have been earlier but there used to be a couple that owned the Staithe & Willow the wife did the cooking and the husband acted as the waiter, the quality was great and at the time was IMHO the best place to eat at Horning. 

When we first started going in there in the early 2000's the waitresses all wore mop caps and aprons and style was very much the cottage garden effect.

Regards

Alan 

[Paul]

On 25/01/2021 at 18:11, Jbx5 said:

It seems a good price but only 3 year lease left (how much to renew if you can ??)£26 k rent Per year .

John

 

are you sure, I was under the impression the current lease is 2026. You are not buying either the property or even the lease, but the "business". Given it's poor recent reviews I would suggest that 75,000 is extremely optimistic. I doubt there is much of great material value to the business so you are buying the goodwill, which seems very sparse. The cost of the remaining lease is 26.5k a year making the total cost over five years in the region of £207.5k, plus salary for the owner(s) and two or three staff members.

Yes, there is a holiday cottage which should net you a notable chunk of that investment, there is owners accommodation too but still the cafe would have to do very, very well. 

[JennyMorgan]

All up roughly £40k per year just to stand still, plus another £50k for salary & wages. Six good months trading, if you are lucky, then there will be six tick-over months, again if you are lucky. Add to that refurbishing that dull, drab dining room. As the saying goes, you do the maths. In normal times, perhaps. That the present tenants want out at this time says it all, in my opinion.

[CambridgeCabby]

A prime example of a great little owner run business , but as a leasehold barely viable 

[JennyMorgan]

1 hour ago, CambridgeCabby said:

A prime example of a great little owner run business , but as a leasehold barely viable 

Problem is that so many retired owners want as much rent out of a business as when they ran it. Generally they have nothing to lose as when one disillusioned tenant moves on another starry eyed one tales their place.  The present economic situation is in for a hefty shakeup in regard to many of the unsustainable rents I suspect. I feel sorry for those tenants wanting a way out and I foresee a few who sadly lose a great deal. 

[CambridgeCabby]

Unfortunately , I feel we will see a repeat of what happened in the 80’s , there will be a lot of people with a large redundancy check in their pocket who will go into business with rose tinted glasses 

[marshman]

I think peoples expectation of redundancy can be illusory unless you work in the public sector. Out in the real world, its generally statutory redundancy these days - fancy payment's long gone!

[JennyMorgan]

I rather suspect that the £75k is the hole that the present tenants have found themselves in. I've been in the same place, that was not a good.  However, only guesswork on my part, I hope that I'm wrong.