Franchised Spur And Panarottis Business In Polokwane For Sale

Business description

• The business was relocated and refurbished by the previous owners in Nov 2006 in Savannah Mall.
• Concilium has had the venture since Nov 2007.
• The business is VAT registered and the current legal entity is a (Pty) Ltd
• Management accounts are processed monthly by an external accounting company.
• 40% of all sales are by credit card.
• Staff compliment:
• 9 Floor managers
• 2 kitchen manager
• 30 kitchen staff
• 50 waiters
• Current lease ends Dec 2013 with renewal option
• Rent escalation is 8% per annum.
• The venture has a liquor license.
• The combo store is about 980m2 in size and seats about 550. It is situated at the entrance to the mall
• Asset purchase value is about R5 million and a full list is on file. Book value is R4m
• Average stock holding value is about R300k (ex VAT).
• The franchise joining fee is R100k (ex VAT) for Spur and R60k (ex VAT) for Panarottis
• The current operating partner holds 14% shareholding and is willing to stay on
• The mall is being expanded and will almost double in size
• There is an opportunity to acquire the second Spur and Panarottis in the city opening up late 2011

Property information

Real Estate:

Lease

Other information

Furniture / Fixtures value:

R5,000,000 (included in the asking price)

Inventory / Stock value:

R300,000 (included in the asking price)