MergerPlace

Well Established Casual Restaurant

Virginia (Newport News City)


  • Asking Price: $175,000
  • Gross Income: $272,395
  • Cash Flow: $55,616
  • Real Estate: Not Disclosed
  • Inventory: $2,860
  • FF&E: $75,000
  • Listing ID: #224148
  • Established: 1991
  • Employees: 1 FT / 8 PT

Business Description

Operating over 50 years and through multiple generations this cozy eatery carries forward the tradition of producing family style meals enhanced with great service and a friendly staff. The diverse menu offers up scrumptious breakfast options made up of Omelets, Waffles, French Toast and sides including eggs any style. Following breakfast are lunch options from Club Sandwiches to Burgers & Fries. And Dinner options from a Seafood Platter, Shrimp Basket, Crab cakes, Bar-B-Que, to Chicken Tenders, only to name a few. The location’s longevity and familiarity has had customers coming back nearly their entire lifetime. This well located and positioned restaurant is a unique icon, a diamond in the rough. Some say, a local treasure!, with a strong reputation and positive reviews consistently reflecting great food & service at reasonable prices. Operating in 2,237 square feet the facility is in good condition providing comfortable seating for 50 patrons. Of particular note the businesses financial reporting is not on a calendar year but rather from July to June. Therefore 2019’s financials reported here span through the first half of 2020. And in that period the business did recognize a fall off in business, nearly $100,000 from the previous year as a result of COVID-19. Historically the business has exceeded $350,000 in gross revenue with Discretionary Earnings over $75,000. The good news is; the business is recognizing returning and very positive business, and getting back to a normal performance level is within grasp. Finally, the owners are well known in the area the restaurant serves and will readily provide amble training and a smooth transition into the business for a winning buyer candidate.


Business Details

Primary Business Category: Restaurants, Bars & Other Food Services
Location: Virginia
County: Newport News City

Company Information

Year Established: 1991
Home Based: No
Franchise: No
Relocatable: Yes
Number of Employees: 1 FT / 8 PT

Financial Information

Asking Price: $175,000
Gross Revenue: $272,395
Cash Flow: $55,616
FF&E: $75,000
Inventory: $2,860
Seller Financing Available: No

Property Information

Facilities:

There is an additional opportunity with this business as the property is available for sale and purchase, allowing a buyer two options. We can arrange the purchase of the business and couple that with the purchase of the property which may easily play well with some lending options. Or, alternatively, since the owners of the business own the property as well will offer a lease in line with the needs and desire of the buyer. The property is offer for sale at $349,500.

Growth & expansion opportunities:

There is great opportunity here going forward in adding new menu items, takeout items, and particularly in delivery services. There is also an opportunity to better utilize and maximize Social Media for advertising opportunities and to get the word out to the digital savvy marketplace.

Reason for selling:

Owners are retiring.

Support & Training:

Will train for 2 weeks @ no cost

Contact Business Seller

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Business Listed By:

Frank Chebalo

Murphy Business Brokers