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Well-Established Entertainment Venue Nightclub In Durban For Sale

Durban, KwaZulu - Natal, South Africa
Asking Price:
R4,500,000 Furniture / Fixtures included
Sales Revenue:
R9,300,000
Cash Flow:
R2,780,000

The venue is inclusive of a Night Club, Pub, & food service.
Established by the owner 16 years ago, in a suburb just outside of the CBD. It has an existing steady patronage, while identifying & promoting alternative venue usage opportunities to other/new potential clients.
The venue opens around 60 nights of a year, allowing for minimal owner involvement, yet high annual turnover & profits. The owner plans in advance, advertising/co-ordinating the function nights, & ensuring stock & staff are in place.
On an open night, the owner will open & close the venue, while staff will manage the clients & systems/processes; with an emphasis on entrance fees, music, drinks & food.
On a day preceding & post the event preparations, cleaning & re-stocking will be managed by the owner.
On the other days of the year, the owner unfortunately has to play golf & enjoy his time off !
The business controls all monies coming in through a computerised system & camera's, which reduces any chance of pilfering by staff. This system is then fed into a management control system tracking income & expenses on a night/event & monthly basis.
These management accounts are available monthly in arrears & have been utilised within this Report.
The gross income to Feb 2024 amounted to R9.3m excl VAT, with the Net Profit including the owners benefits totaling some R2.78m.
Feb 2024 results were similar to those of 2023.
A full list is available which includes every conceivable item required for such a business, with all paid-off, which were acquired at some R5m & presently insured at some R2.3m.

Property Information

Real Estate:

Lease

Premises Details:

The premises have good road frontage, are very suitable from a usage factor, with total 1 262 m2 under roof, are rented in 2024 at some R40k pm excl VAT (lease available as required by the lessee), with 2 months deposit being required, while the escalation rate is 8%.
One could purchase the property at some R3.5m.

Planning Consent:

ALL licence's are in name of CC - Business is fully licenced & can trade immediately on existing licences .

Business Operation

Reasons for selling:

Owner is retiring to play more golf...

Employees:
Apart from the owner, the staff complement is as follows: Permanent- X 5 (Manager, Repairs Manager, 3 X cleaners) Night Staff – X 29 (Access control, security, cleaners, kitchen staff and bar staff) Nightly Entertainment – Event dependent but average X 12 (DJs and musicians)
Years established:
16

Other Information

Furniture / Fixtures value:
R1,500,000 - included in the asking price