business

CY0335L

ETHNIC RESTAURANT - PAPHOS

 
Business Type: Restaurant
Location: Greater Paphos, Pafos, CYPRUS  
Type of Tenure: Leasehold
Business Reference: CY0335L
Asking Price: € 420.000
Annual Turnover €450000
Gross Profit Margin 60%
Monthly Rent €2100
Stocks (at cost) €30.000 - 35.000
Reason for Sale Retirement
Accounts Available 2017 Audited
Years Established 11
Incorporated Business Limited Co
Relocatable Business Νο
Car Parking 100 in private lot
Vendor Financing Negotiable
Full-time Employees 8
Part-time/Seasonal Employees 3
Internal Area 135 sq.m.(1470 sq.ft)
Internal Seating 96
Terrace Area 65 sq.m.(708 sq.ft.)
Terrace Seating 100
Plot Area 1150 sq.m. (12535 sq.ft.)
Basement Area 200 sq.m. (2180 sq.ft)
 

Description

This exceptionally well set up and highly distinguished ethnic restaurant occupies a large detached property, on a very busy main road just a few minutes from Paphos and right across from the sea.  

The property consists of 135 square metres ground floor, 65 square metres covered terrace area and a very large basement with accommodation for up to 6 employees.  Total seating capacity is almost 200 persons in covered areas, while a large private parking area next to the restaurant can accommodate up to 100 cars.  In the summer, additional open-air seating is available outside in the garden, where there is also a large playing-ground for children.

Therefore, the restaurant can accommodate large parties, tourist groups, events and functions, as well as the usual restaurant clients. Unlike most restaurants in Paphos business is not seasonal, therefore the restaurant stays open all-year round to cater for loyal local clients, functions, regular buffet events, as well as visitors & tourists.  

The interior is furnished and decorated to a very high standard in an ethnic Asian theme, which creates an ambiance perfectly matched to the cuisine. Equipment is also complete and of high quality, with sound system in all areas, CCTV cameras, air-conditioning & heating, automatic fire extinguishers and draft beer pump.

In the kitchen, the business employs 4 cooks specialized in authentic ethnic cuisine and it is no coincidence that this restaurant has been awarded Certificates of Excellence by Trip Advisor for three years.  

There is also a huge sub-basement with windows & natural ventilation which has planning permits so that 6 foreign employees can be accommodated in the premises. The sub-basement also has three large storage rooms and two walk-in freezers. There is another large refrigerator in the fully equipped kitchen on the ground floor.  

On the premises there are also two boreholes with a water pump to irrigate the garden and sprinkle the extensive outside areas.

The business is very well organized and managed, while existing personnel is capable and loyal, therefore a new owner does not need to be an experienced restaurant manager or chef.  

Although the business is very well known to locals and has regular clientele, the owners promote the business regularly via emails and SMS messages to over 5.000 recipients, to maintain a turnover of about €450.000 annually. With the current turnover and profitability, payback can be achieved in about 3 years. Currently the restaurant is open nights only, however lunch business could be substantial especially during the summer with tourist groups.

Audited accounts are available and can be released to interested parties subject to signing a Confidentiality Agreement and demonstrating serious intent to purchase.

This profitable and sustainable restaurant is offered for sale only because the owners need to retire.

 

Photos

  • The present business is offered for sale by DealMasters.  Any information downloaded or printed is intended strictly for private use by you as a Registered User of our web-site; it may not be copied, published or distributed in any manner. 
  • You are advised that this is a confidential sale, therefore no direct approach to the business owners or business premises should be made and all viewings should be arranged through DealMasters. 
  • Prior to disclosure of the identity of the business and/or its owners, business financials and other operational details, interested parties will sign the standard Confidentiality Agreement, which can be downloaded here or sent to you by fax upon request.
  • We do not perform any due diligence on businesses for sale, business owners, or the information provided by them.  Such information is passed on by us without any guarantee or responsibility. Interested Buyers are strongly urged to perform thorough due diligence prior to acquiring a business
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