Antigua and Barbuda
Successful Yachtsmen's Bar and Restaurant
English Harbour, Antigua
English Harbour is the winter destination of many of the world's finest yachts. Yachtsmen come for the safe anchorages, yachting services and entertainment provided. From November to May English Harbour plays host to several international events: The Antigua Boat Show, Antigua Classic Regatta, Antigua Mega Yacht Challenge and Antigua Sailing Week.
This very busy bar and restaurant is a popular meeting and eating place for yacht crews, other tourists and locals alike. The crowd is young and vibrant. Drinks flow and bar snacks are consumed in quantity. Diners also sit down in the popular restaurant area. Try the Guinness Pie, which people travel half way across the world for.
There is about 3,000 sq. ft. of bar and restaurant area, capable of holding well over a hundred people. The restaurant has 70 seats in a comfortable arrangement. The adjoining bar has a long counter holding 14 barstools with lots of standing room. The front entrance has a deck area, with several benches, which is very popular. Adjoining the bar at the rear is a games room which has a pool table and a table soccer machine (originally owned by Eric Clapton!). Outside the back is a garden which is occasionally used to host live band performances.
The staff are experienced, well trained and loyal. The winter staff consists of a chef, sous chef, two kitchen assistants, 3 waitresses, 3 bar staff and 2 clearing assistants. All are employed on a 6 month or casual basis. The owners work as managers and help at the bar and in the kitchen as required.
The Opening Hours are from 10.30 am until closing, seven days a week. The business is open from November to May and closed from June to October. The business was started in 1995. The business condition can be described as fair and equipment although not new has been regularly repaired and replaced. Certain renovations and painting have just been completed.
A new lease of 5 years with an option to renew for a further 5 years will be granted by the landlord. The current lease lasts until 2006 with a transferable option of 5 years.
The Dry Goods and Liquor Inventory is currently not included in the Sale Price. A stock take of these items will take place on the eve of change of ownership and will be charged and paid for separately. Approximate value of the inventory is less than US$ 15,000.
The Owners will hand over the business to the purchasers over a period of at least a month. Further arrangements can be made subject to negotiation. There is a pool of available labour in English Harbour.
The reason the owners are selling is to discontinue working nights. One of the owners has a young child. The other owner is expecting a child in September.
Last Season broke all records since 1996. Next season is looking very good. The season after September 11th was the worst on record. Income is back on track but the price has not been adjusted.
Asking Price: US $ 325,000
Average Gross Sales Income (6 years): US$ 380,000.
Average Sellers Discretionary Cash Flow: US$ 82,500.
Gross Sales Income 2003/2004: US$ 448,000.
Sellers Discretionary Cash Flow: US$ 118,000.
Terms are available to suitably qualified candidates.
Deposit: From US$ 200,000.
Potential Buyers will be required to complete a confidentiality agreement before receiving further details.
Contact: Anthony Todd at Caribbean Business Brokers.
ant@caribbizbrokers.com
Tel: +1268-764-7464
