business

CY0276L

UNIQUE FUSION TAVERN IN PAFOS

 
Business Type: Restaurant
Location: Greater Paphos, Pafos, CYPRUS  
Type of Tenure: Leasehold
Business Reference: CY0276L
Asking Price: € 130.000
Annual Turnover 120000
Gross Profit Margin 60%
Monthly Rent 450
EBITDA Margin 30%
Stocks (at cost) Euro 5.000 approx
Reason for Sale Other Business
Accounts Available Management Accts
Years Established 2
Incorporated Business Individual Proprietor
Relocatable Business No
Car Parking 15
Full-time Employees 3
Part-time/Seasonal Employees 0
Internal Seating 80
Terrace Seating 130
 

Description

This highly differentiated and in many ways unique Taverna just outside Paphos has established a loyal following and a strong reputation in a short space of time. Its unique blend of freshly made Mediterranean fusion cuisine and live entertainment draw in significant business, even off season. It’s a specialized concept offer and an opportunity for anyone with a passion / knowledge in the restaurant / entertainment business. Can be considered a lifestyle business offer.

PREMISES

The tavern is located in a village which has retained its traditional character, but it is still only a short drive from Paphos town centre and the tourist area. The whole area around Paphos hosts a large number of second homes/ holiday homes and in general suburban development with both expatriates and locals.

There are two parts to the restaurant. The inside area will seat up to 80 and outside up to 90. There’s also additional seating for 40 on a terraced area in front of the restaurant. There are parking spaces for 15 cars and supporting beams in place to develop a roof terrace, which would expand the offer and also deliver sea views. The owner has already invested around €97,000 into the infrastructure, interior design and whole set-up. Included in the remodeling is a fully revamped electrical system. The building itself is historical and the restaurant has a great deal of charm.

All permits for the restaurant are in place, rents are extremely low and could be secured for an extended period. The kitchen is fully equipped and is included in the asking price as are all the furnishings. There is an opportunity to take it over and further develop this successful destination restaurant.

OPERATIONS

Including the owner/ chef there are three employees currently, running a very tight and well-organized restaurant business. The menu dishes are all unique and freshly made. A Cypriot/ Greek/ Spanish and in general Mediterranean fusion, where guests are invited to create their own Meze. There’s a focus on healthy foods and the restaurant also caters for vegetarians and vegans. Live entertainment is booked throughout the season and it too plays a big part in the restaurant’s appeal. All of this detail, including the recipes, will be passed on to the new owners as a formula that sells itself.

Private events / parties add to the bottom line. The owner has an extremely well-developed network of introducers too. The local medical practitioners hold regular events for up to 40 persons at a time and a local apartment complex for holiday rentals is sending their guests for meals, as well as other sources of direct introductions. This is an area of development where there’s huge potential for expansion. In addition, opening for lunches, which currently is not being offered, would increase revenues significantly and, the lunch-time trade will bring additional night-time trade.

The written on-line reviews in Trip Advisor and Social Media are genuine and of top order and add weight to the restaurant’s appeal.

HAND-OVER & SUPPORT

The owner & chef will pass on all recipes and knowhow and will stay on as advisor until the new owners are fully versed into what is an extremely successful business formula.

The business is offered for sale, as the owner needs to take over another family business from his father.

 

Photos

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  • 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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