So, you’ve decided to sell your restaurant, bar or pub - but what happens next? The process doesn’t have to be a mystery, which is why we’ve written a step by step guide to take you through exactly how we find the right buyer.
We arrange an initial viewing and market appraisal on site to meet our potential client face to face. This is an opportunity to find out whether they wish to market the property publicly or privately. We know how sensitive an issue selling a commercial property can be – which is why we always establish exactly how the client wishes to proceed at the very start of the process. Following the meeting, we familiarise ourselves with the premises, take some professional pictures and measurements and talk through what rental level (for landlords) or premium (for tenants) we could achieve.
We will then send over a copy of our Terms of Business. We require various pieces of information, such as lease, floor plans, a copy of the EPC, KYC details and the premises licence. Once the information is received, we begin drafting marketing particulars which is carried out within an hour in line with the previously agreed marketing strategy from Step 1.
Once any required marketing particulars are checked and confirmed with our client, we work in cohesion with our whole team to highlight potential suitable purchasers. This can include direct approaches as well as using subscription-only marketing platforms combined with our own mailing list that has thousands of engaged subscribers. We also have one of the largest number of listings in Central London, so our website generates a lot of traction.
Once we gather interest and enquiries, we arrange viewings on site, ensuring that we do so discreetly if the restaurant is still trading.
Once we obtain an offer, we also conduct our rigorous due diligence process on the buyer has an ability to perform. Ensuring that they have 1) a Landlord pack/business plan ready 2) proof of funds and 3) are aware that they need to propose either a company guarantee or an acceptable rent deposit for the landlord’s credibility check.
We present all offers to our client for their review, whilst also offering our recommendations/informed advice.
Once an offer has been accepted, we draft Heads of Terms and instruct solicitors.
We oversee the transaction right up to completion, ensuring that we resolve and disputes or delays.
If you would like some more advice or speak to an expert about a property, call us on +44 (0)20 7935 2222 or email Danielle at email@example.com.
Danielle has recently sold:
28/50 Marylebone to a new owner
Cantina Laredo Covent Garden to 28/50
Salt Yard Covent Garden to Urban Pubs and Bars
21 Berners Street to Akoko
Mister Lasagna Victoria
Barburrito Hammersmith to Chopstix
Barburrito Farringdon to Buy & Bite
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