W
wcolfer
Guest
I am currently in a steady sales job earning 35K with ususal benefits...however I have helped out a family friend over the years in their pub & lounge. Thing is he's coming to retirement age and has offfered me first refusal on the place. Basically it includes: 4 bed house adjoining the main building, a full commercial kitchen, bout half an acre (car park, garden, etc) of land, lounge which can cater for 300 people and obviously the bar area. It was fully refurbished about 8 years ago and is in excellent condition with a good client base (80% of all local funerals, christenings, 21st's etc are held there as well as GAA functions etc). The figures are: annual turnover of average €240K pa @ roughly 10% profit after allowing for all business costs as well as personal drawings, loans etc. There is potential to expand with bar food, Sunday lunches etc that the current owner just doesn't have the will to do.
My own situation is as follows:
Assets: 1 acre site with FPP valued @ €100K. (No outstanding debts on this - unfortunately selling this is not an option due to family constraints - it's a long story!!) Approx €12K in cash savings. Inheritance of a house in next 4-5 years worth approx €190K.
Loans: Car loan with 4K left to be paid off in Mar 09.
If I was to make an offer it would have to be in the region of € 1.2m. Some advice on whether or not this is even possible or some comments on the madness or otherwise of doing it would be welcome!!!
My own situation is as follows:
Assets: 1 acre site with FPP valued @ €100K. (No outstanding debts on this - unfortunately selling this is not an option due to family constraints - it's a long story!!) Approx €12K in cash savings. Inheritance of a house in next 4-5 years worth approx €190K.
Loans: Car loan with 4K left to be paid off in Mar 09.
If I was to make an offer it would have to be in the region of € 1.2m. Some advice on whether or not this is even possible or some comments on the madness or otherwise of doing it would be welcome!!!