Premier Banquet Facility For Sale (ID: 1126649)

Seller Financing Available!
Asking Price: $1,400,000
Gross Revenue: $3,405,256
Cash Flow: $238,579
Inventory: $20,000 ++
Real Estate: n/a
FF&E: $1,126,498 ++
Business Listed by LISTING BROKERMurphy Business & Financial Corporation
Contact Broker:John GledhillMurphy Business & Financial CorporationView All of My Listings
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Business Description

Business Summary

This is a family owned and operated business, which has carried forth the traditions established when the business opened in Rhode Island thirty five years ago. In 2012, the business generated revenue of 3.4M, which reflects a 4% year-over-year growth trend. The business offers a full array of all-inclusive services for weddings, banquets, testimonials, anniversaries, bachelor parties, luncheons, showers and hall rentals for all occasions. This business is very well maintained and continues to create new revenue streams to maintain growth.

Business Description/Overview

The Company was founded in 1978 by a well-known and established Rhode Island family. Today it is operated by the son and has remained a family run operation. The business has a well-established brand, with a strong legacy. From the start, the business has specialized in small or large gatherings of all types. The owners have developed a great reputation as a family dining spot that has a large regular following. In addition the owners have recently created a unique take-out business which sells hot ready-to-eat freshly prepared items from the menu on a daily basis. In recent years, the company has developed a high end catering business, which also has become a staple and preferred source of good food and service to the surrounding community.

Key business services offered are:

? Weddings, banquets, testimonials, anniversaries, bachelor parties, luncheons, showers, hall rentals for all occasions

? Family Dinning

? Take Out

? Catering

? Complete wedding planning services

Only serious buyer inquiries will be entertained.

About the Business

Year Established: 1978
Number of Employees: 25 FTE; 45 PTE

Facilities: The property is comprised of two immaculately kept brick buildings set on a site of approximately 11.9 acres in Rhode Island. The buildings each house fully equipped state of the art kitchens. All are fully air conditioned and are very well maintained. The buildings are fully fire protected with an alarmed state of the art wet system. Within the buildings are multiple function rooms each with large seating capacity. Some rooms can be combined for extra large groups. Parking is plentiful and can accommodate up to 600 vehicles. The assessed value of the land and buildings is approximately $2,698,100 and carries a property tax of approximately $70,525 and a tangible tax of $13,581 for a total tax payment of $84,016. The asking price is $2,700,000.

Market Outlook/Competition: Satellite Offices ? Take out Catering expansion Development of internet based sales model Increase marketing/advertising This business has a strong brand and has had a steady customer base for many years. Competition would be considered low to average for similar businesses in a highly populated area.

About the Sale

Reason For Selling: The family, after thirty five plus years of dedicated service to the business, has decided to pursue retirement.

Training/Support: Will train for 4 weeks @ no cost.

Seller Financing: $1.3MM Down/$100K for 24 mos. @ 5%.

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LISTING KEYWORDS: Restaurant, Catering, Banquets, Food related business, Business for sale, Rhode Island.

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The information on this listing has been provided by either the seller or a business broker representing the seller. BizQuest has no interest or stake in the sale of this business and has not verified any of the information and assumes no responsibility for its accuracy, veracity, or completeness.Please review our full Terms & Conditions here.