£400,000 PRICE-TAG ON PENARTH ESPLANADE’S FAMOUS FIG TREE RESTAURANT

The amazing view diners enjoy at The Fig Tree restaurant on Penarth Esplanade

The well-known Penarth Esplanade restaurant The Fig Tree is going up for sale as a going concern at an asking price of £400,000.

The business includes ground floor is a cafe and ice cream parlour, the first floor is a restaurant (which has “60 covers” and a veranda which offers seating for an additional 35) and the roof are which forms another open-air dining area – and is also used for outdoor cinema shows.

The audience taking their seats on the roof of the Fig Tree restaurant for an outdoor cinema show . Cocktails are served as the sun sets and the movie begins

Restaurateurs Sandie Guppy and Mike Caplan –  after a long and successful stint in which they’ve made the Fig Tree one of the highest-rated in Penarth  with a Trip Advisor rating of 4.5  – are said to be “looking for a change in direction”.

The Fig Tree restaurant on Penarth Esplanade

The freehold of the premises is  actually owned by the Vale of Glamorgan Council – but the lease has been extended to 125 years with a rent of £20,000 per year ( there’s a rent review every 25 years) .

 

 

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16 Responses to £400,000 PRICE-TAG ON PENARTH ESPLANADE’S FAMOUS FIG TREE RESTAURANT

  1. penarthblog says:

    A massive opportunity for someone with vision and the funds to carry that vision through.

  2. Chris David says:

    So over 25 years your break even in premium cost and rent not inc business rates is £900,000 before you turn a knife and fork. £3,000 a month. That’s just a fraction of what you’ll need to take. Don’t know the industry but a rule of thumb multiplication says possibly brave. Any sector experts here?

    • Peter Church says:

      Yes! I saw this last week and did a few calculations, very tight indeed, no wonder they are selling.
      For 400k I wonder if it could be turned into a live/work building? Change of use please Mr Vale 🙂
      Great views and the business rates over 25 years would less than the mortgage interest repayments on something with that view.
      Just have to keep the shame appearance that its still a restaurant, lunch every month on a Tuesday!

      • RosyB says:

        It’s just a shame they didn’t display the rating of 2, about 2 years ago. I thought it’s compulsory to do so.

  3. whatsoccurin says:

    This couple have worked wonders with this restaurant-you can have a lovely meal and feel like you have eaten-unlike some where you look forward to a bag of chips!-and looking at the figures here, it is going to be very difficult for anyone to make a go of it-even though they can sell ice cream.

  4. Taffy says:

    Thank you Mike and Sandie for some lovely meals and good hospitality. Best for your futures

  5. snoggerdog says:

    always wondered where the name “fig tree” evolved from i think a more apropriate name would be “the old bogs”,has a more historical link,dont you think,more in the modern thinking as in cardiff hostelries,”dirty coyote” “grazing shed & not forgetting “the home of the whopper!

  6. Top Knife says:

    Agreed, great location and views etc but I’m also struggling to see how the maths work…
    Assuming a standard mortgage with 20% deposit, the monthly payment would be about £1500+. Add to that the monthly rent of £1700, and as you say business rates also.. and then staffing costs etc….
    Are you then not looking at closer to £4K a month to brake even??
    Just curious, as I am definitely no expert in this field..!

    • Ann Other says:

      You may well be no expert, I’ve no idea, but you have produced a financial analysis the subtlety of which far outstrips the erstwhile managers and board of the Pier business.

  7. Alexandra stephens says:

    let’s hope this will see a drastic improvement upon this business.

  8. Chris David says:

    In fact way way over £4k PM to break even. I just factored the very basics, musing on the premium of £400k in the main. Add in rates, interest, staff, stock, the usual sundries, telephone, internet etc its quite heavy. Still like I said its not my field. Just curious and of course would like to see it continue to work. Who’s charging the £400K ? Is there a good will value in that? “Going concern suggests there is so the books will be very important.

  9. Elijah says:

    Am I the only one who finds it staggering that VOG is offering 125 commercial leases – staggering most commercial leases would be 15 and if you lucky 25 years with maybe a rent review chucked in. Think VOG did similar with the Pavillion. Not a good management strategy on behalf of VOG methinks but why am I surprised

    • Chris David says:

      Personally if it were me for that kind of dosh I’d want freehold and keep the VoG as far away as possible- for ever.

  10. AK says:

    Perhaps a potential new owner will not require a £400k loan. Petty cash from someone from the London area.

    Great location – certainly my favourite little coffee spot below.

    Good luck to present and future owners.

  11. Peter Church says:

    I find it a bit strange that its advertised on a normal residential estate agent and appears in rightmove under residential property.
    Are they trying to pass off this a great detached property with fabulous views.
    Its a business and the value should be passed on previous trading figures, not the view.
    I mentioned to a colleague how much he thought and for 60 covers he reckoned 250k
    Listing cinema events as an income stream is a bit like listing solar eclipse events.

  12. Chris David says:

    Yeas but how can you guess cover value if you haven’t seen at least two years trading accounts. And I don’t mean just the stat accounts, I mean real management accounts.

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