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Broker Name:Ronald Cervelli
Broker Email:contactus@regalconsultants.com
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Banquet Venue & Restaurant
(Food & Beverage , Catering)
Middlesex County , NJ
Listing ID: CATR150

Listing DetailsGross Revenue: $ 1,632,426
Cash Flow: $ 318,171
FFE: $ 1,500,000 (Included in Price)
Reason for Sale:

The sale is due to the owner’s retirement after many years in this industry.


Training & Support:

The owner will remain post-closing and is prepared to supply an appropriate transitional period to the new owner / operator.


OperationsYear Established: 1992
Days & Hours of Operation: Mon.-Fri. 11am-11pm
Employees: 20
Absentee Owner: No
LocationLease Expire: 0000-00-00
Square Footage: 22000
Facilities:


The sale includes a 22,000 square foot restaurant and catering facilities on 2.17 valuable acres of a historic village. The total seating capacity is approximately 600 (large, modern banquet seats 250 seats alone), 2,600 SF huge modern kitchen, Broad C (32) Liquor License w/ retail store (license valued at $800,000), ample space to accommodate multiple large and small parties. This opportunity is in central New Jersey, Middlesex County, which consists of various affluent and highly populated communities with continued demand for this industry. Most recent zoned 4A-Commercial, the antique assets have a value of approximately $150,000.


SummaryBusiness Description:

Wonderful business opportunity to own this combination business consisting of a popular restaurant, banquet hall and liquor/wine shop. This thriving historically flourishing destination site is in the heart of one of the fastest growing housing/business markets in Central N.J. This 1750 revolutionary war famous restaurant & wedding/special events facility has demonstrated a consistent positive cash flow and is poised for significant growth in the profitable wedding/banquet, business meetings and off-site catering. Present owners have long enjoyed an ideal lifestyle and stable cash flow and now desire to semi-retire. Ideal acquisition for other successful banquet operator seeking geographical expansion into the Princeton marketplace, corporate executive or professional couple looking for a highly satisfying career and life change, or smart investor looking for solid growth, asset appreciation and safety. Fast growth business plan already in place. Owners are willing to stay on for a negotiated period. The business is in an ideal location for many types of special functions. Since colonial times they have been greeting people from all over the world; many of whom use the restaurant as an extension of their home. This company has twenty employees who are unaware of the pending sale and fully expected to remain post-closing. The business is in a free stranding commercial facility, on an active county road, consists of approximately 22,000 square feet and has an estimated capacity for four hundred and fifty plus customers. This successful service business operation is active seven days per week, with hours from 11am to 11pm. The 2017 yearly gross income is $1,632,426 and the business has a yearly net income of approximately $318,171, which includes discretionary income, and based on an onsite owner operator and prior to any debt service. The sale which includes the business, assets and broad C (type 32) liquor license has a substantial value. This is a dependable business opportunity and based on the asking price, required down payment and yearly net income, this business expects to supply wonderful lifestyle. Please do not disturb business, this sale is confidential, the employees are Unaware of the pending sale, all viewings are by appointment only and photo does Not represent this business opportunity.


Competition:

Limited competitors presently exist in the area and to the best of our knowledge, due to various circumstances, no other new competitors are expected near to this business. Additionally, the owner has agreed to supply an appropriate non-compete agreement to the purchaser. Additionally, no other consumption liquor licenses exist in this municipality.


Potential Growth:

The business presently has a basic marketing plan, non-optimized web site, and if improved can further develop the yearly gross sales. While the current business comfortably covers all owner and asset cash flow needs, it is clearly ripe for expansion: Easily triple banquet volume from 1 to 3 events/week, consider raise prices to current market, Introduce off-site catering - presently an untapped and large market, large, untapped business market for Corporate Catering, Ramp-up A La Carte Business, Build Liquor Store Business w/ highly valuable Class 32 Liquor License, Leverage historic "brand" to other hospitality venues. The Princeton-East Windsor Market is one of the fastest growing residential and business markets in New Jersey.


Financing/Terms:

Is available to a qualified buyer with an appropriate down payment.