HEREFORD ILMINSTER YORK NORWICH HAYWARDS HEATH HEXHAM

The Crown at Whitebrook

Monmouth
Monmouthshire
NP25 4TX
Capital Required 50,000
Leasehold
n nn n Long standing former Michelin Star restaurant
n nn n Auberge with 9 letting bedrooms
n nn n Managers self contained flat
n nn n Net takings to March 2013 exceeded 850,000 pa
n nn n New favourable premium free lease
n nn n For experienced operator only
n nn n CURRENTLY CLOSED
The Crown at Whitebrook was a Michelin starred restaurant with
nine letting bedrooms, located some five miles south of
Monmouth in the glorious Wye Valley. Whitebrook, with easy
access to the M4, is within approximately one hour's drive of
both Bristol and Cardiff.
The Crown at Whitebrook was one of only four Michelin starred
restaurants in Wales, with very little comparable competition in
the immediate area. t is well located to attract destination
custom from the prosperous Bristol/Bath conurbation, South
Wales and indeed further afield. t is located in an area of
outstanding natural beauty with Tintern Abbey nearby, the River
Wye, Offas Dyke Path, the Brecon Beacons and Black
Mountains in the close vicinity.
This business, which ceased trading in March 2013, remains
fully equipped and ready to re-open without further capital
investment. t is available to an experienced
restauranteur/hotelier who feels capable of re-establishing the
former level of trade as a quality restaurant supported by nine
luxurious letting bedrooms. There is also the benefit of an
owners/managers self contained flat.
These premises, which are held as an investment by the
freeholder's Pension Fund have, over the years, been the
subject of significant capital investment and are presented in
excellent order throughout, fully furnished and appointed ready
to re-open. The freeholders have the benefit of an up to date
contact list of some 6,000 former customers whose goodwill has
been retained following the closure of the business .
The premises briefly comprise the following accommodation:-
GROUND FLOOR
Entrance hall, off which is GENTLEMENS TOLET with urinal,
wash basin, two separate WCs, half tiled walls and tiled floor.
LADES TOLET with two WCs and two modern vanity wash
hand basins. Carpeted floor. LOUNGE about 10m x 5m, with
polished wood floor, ornate corner feature fireplace (not
operative), leather upholstered sofas seating 20+. Reception
counter with OFFCE behind. Small SERVERY with fitted
shelving, behind which is an on level STORE. Off the Lounge is
DRY GOODS/WNE STORE with rear delivery door.
RESTAURANT in two sections, about 14m x 4m, with feature
stone surround inset log effect stove. Beamed ceiling and
carpeted floor. Seating for about 20+. French doors to patio.
Galley style CATERNG KTCHEN about 14m x 3m, with
extensive high quality heavy duty stainless steel catering
equipment. Twin and single bowl wash-ups, stainless steel
extraction canopy and range of commercial propane gas fired
cookers. Separate wash-up area to one end. Side entrance.
FIRST & SECOND FLOORS
9 LETTNG BEDROOMS offering:-
4 EXECUTVE DOUBLE/TWN ROOMS each with superior en
suite BATHROOM including contemporary power shower.
FOUR STANDARD ROOMS with excellent en suite facilities.
Small DOUBLE ROOM with en suite BATHROOM, in need of
upgrading.
Second Floor OWNER/MANAGERS SELF CONTANED FLAT
comprising:- 2 BEDROOMS, BATHROOM and KTCHEN. Rear
staircase off which is STAFF CHANGNG ROOM with WC and
wash basin.
OUTSIDE
Partially enclosed slabbed raised PATO with low stone walling
to the front. Rear woodlands, with the site extending to over
THREE ACRES. To the rear are sloping lawned gardens with
feature fitted stone surround seating.
To the south east is a tarmacadamed driveway approach leading
to parking for staff cars. Brick and corrugated iron
OUTBULDNG with washing machines. Stone STORE
BULDNG with two walk-in chillers and three deep freezes.
On the western side of the property and approached by a wide
entrance is a large tarmacadamed CAR PARK with walled
surround.
The Crown at Whitebrook is a long established business having
operated as a premier restaurant with rooms since 1972. t has
held a Michelin Star since 2007 and right up to closing on 6th
March 2013 enjoyed a substantial level of turnover with
significant forward bookings, many of which could no doubt be
retrieved. The business has been run mainly under
management. The new operators will have to appoint their own
staff.
The management figures for the 12 months ended 6th March
2013 showed net sales of 851,972 divided as follows:-
852,174 TotaI Net SaIes
4,236 Miscellaneous
163,464 Accommodation
262,889 Wet Sales
421,585 Restaurant Sales
A food gross profit of 70% was produced and wet GP in excess
of 65%. Shortlisted applicants will, following the signing of a
non-disclosure agreement, be supplied with copies of budgets
and cash flow for the remainder of the 2014 financial year and
for 2015 may be obtained from the Agents.
Due to the way the business has been operated the foregoing
figures cannot be warranted, and applicants must make their
own financial projections.
The freeholders have drawn plans for an extension to the
restaurant to provide a total of 40 seats. They may in the future
be willing to consider carrying out the structural works for this
extension, subject to agreeing a commercial return on the
investment. Such an extension is likely to have a material effect
on turnover and net profit.
JW/37315
HEREFORD ILMINSTER YORK NORWICH HAYWARDS HEATH HEXHAM
MISREPRESENTATION ACT 1967 . MISDESCRIPTIONS ACT 1991- These particulars are provided only as a general outline of the property and buyers should make their
own enquiries to satisfy themselves as to the accuracy of the information given. Neither we nor any person in our employment has authority to make, give or imply an y
representation or warranty regarding this property. Room sizes and other measurements and capacities quoted are estimates for r ough guidance only. Accurate
measurements have not been taken.
Sidney Phillips Limited , Shepherds Meadow, Eaton Bishop. Hereford, HR2 9UA Registered in England and Wales: No. 2362635 22/04/2013
A Premises Licence is held.
Mains water and electricity. Septic tank drainage. Propane gas
for cooking and central heating. Standby generator.
NEW 15 YEAR PREMUM FREE LEASE, details of which are as
follows:-.
HEADS OF LEASE
TERM - To be let on a 15 year Full Repairing and nsuring
Assignable Lease to be contracted out of Part of the 1954
Landlord & Tenant Act.
ASSIGNMENT - The lease will be assignable, subject to a
pre-emption clause in favour of the freeholders whereby the
lessee must first offer their leasehold interest back to the
landlord at market value.
INSURANCE - Freeholder to insure and recover the premium
from the lessee.
RENT - For the first two months the premises will be rent free.
Thereafter as follows:-
Year 1 - Months three to 12 - 35,000 per annum plus 5% of the
net of VAT turnover.
Year 2 - 40,000 per annum plus 5% of the net of VAT turnover.
Year 3 - 45,000 per annum plus 5% of the net of VAT turnover.
Base Rent to be payable quarterly in advance (8,750) and
turnover rent quarterly in arrear.
Base Rent to be reviewed in an upward direction only every
three years throughout the term. Percentage rental to remain
throughout the term.
ACCOUNTS/VAT RETURNS - The lessees will be required to
produce, within three months of the financial year end, certified
quarterly VAT returns and a copy of their audited Profit & Loss
Accounts for the previous 12 months.
IMPROVEMENTS/ALTERATIONS - Applicants will be required
to obtain the formal approval of the freeholders to any alterations
they might wish to make. The owners are prepared to consider
additional capital investment, possibly to cover the cost of the
construction of an extension to the restaurant. Any such
expenditure will be rentalised at 10% per annum on the amount
invested. The lessees will be required to fit out any extension
and cover the costs of any other refurbishment they may
undertake.
OPTION TO PURCHASE FREEHOLD - Will be granted to the
lessee at 850,000 or market value, whichever may be greater,
at three yearly intervals throughout the lease.
The trade contents (unless already purchased) must be acquired
at valuation in addition to the freehold.
FIXTURES, FITTINGS AND EFFECTS - The premises are to be
let on a furnished lease, with the freeholders retaining ownership
of the fixtures and fittings and rented to the lessees at 5,000
per annum. The tenants will be required to maintain these in
good order and to replace/renew any items which become worn
out or otherwise unserviceable.
At the end of the term the tenant will be required to hand back all
the fixtures and fittings in good condition, fair wear and tear
accepted.
The lessees may, if they prefer, purchase the inventory at the
commencement of the lease at the fixed concessionary figure of
30,000.
VALUATION
- The successful tenant will be required to purchase at valuation
on completion the loose catering effects to include pots, pans,
utensils, crockery, cutlery, china, glassware and bed linen
(estimate 5,000).
There is no stock in trade. Any Flogas remaining in the storage
tank must be purchased at cost on completion.
CAPITAL REQUIRED - The applicants will be required to prove
at an early stage that they have a minimum of 50,000 available
cash capital to cover the following:-
50,000 TotaI Cash CapitaI Required
26,500 Allowance for working capital - say
6,000 Allowance for Stamp Duty
2,500 Allowance for legal fees
10,000
Quarters Rent in Advance viz:-
Quarter's Property Rent - 8,750
Quarter's nventory Rent - 1,250
5,000 Purchase of loose catering effects, linen etc -
estimate
TENANT PROFILE - Applications are invited from those parties
who have sufficient cash capital as described above, and have a
successful track record in operating a similar high calibre
establishment either as an owner/operator/manager or head
chef. Only those parties with the highest proven credentials
need apply.
Unconditional proof of funding of at least 50,000 will be
required from applicants at an early stage, and only those with
the necessary unencumbered capital should consider applying
for the lease.
Applicants wishing to take the matter further will be required to
produce a detailed CV together with a brief Business Plan to
include budgeted trading and profit & loss accounts for the
operation of the Crown under their direct management.
JW/37315
HEREFORD ILMINSTER YORK NORWICH HAYWARDS HEATH HEXHAM
The Crown at Whitebrook
Monmouth
Monmouthshire
NP25 4TX
EPC
Certificate Reference 0870-0537-9669-0594-1002.
JW/37315
HEREFORD ILMINSTER YORK NORWICH HAYWARDS HEATH HEXHAM
BUSINESS MORTGAGES - 08454 58 58 99
We can help with arranging funding for your
purchase of this or any other business.
www.pub-mortgage.co.uk
INNPLAN INSURANCE - 01981 250333
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property, business and contents
www.sidneyphiIIips.co.uk
UTILITY HELPLINE - 0800 043 0423
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46% off their gas and electricity bills with our
impartial price comparisons
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VIEWING STRICTLY BY PRIOR
APPOINTMENT THROUGH THE AGENTS
Shepherds Meadow
Eaton Bishop
Hereford HR2 9UA
Telephone 01981 250333
Email: hereford@sidneyphillips.co.uk