Tue, 01 Jun 2021 | BUSINESS SALE
One of Newcastle's top Italian restaurants has been put up for sale following months of financial difficulty as a result of the COVID-19 pandemic and its subsequent lockdown restrictions.
Pani's Italian restaurant in High Bridge, which has been put up for sale for £450,000, reportedly has annual costs including £64,920 rent and a net profit of £180,271.
In a sales brochure, the details added that the business has benefited from a £150,000 renovation, provides an excellent base for future development and "lots of growth potential for the right buyer".
“This well-placed eatery experiences heavy footfall six days a week and has a high level of repeat business from the hundreds of satisfied customers who relish the Italian delicacies that are a speciality of this café.
"The vendors have built this business from scratch and are now reaping the rewards of their hard work," it added." "The business is thriving and a new owner can look forward to taking over a highly profitable restaurant operating from exceptionally well- equipped premises."
"Sensibly priced and with bags of charm, this is an opportunity that bears closer inspection."
Pani's was first opened in 1995 and since then it has frequently appeared in national newspapers under restaurant recommendations for those visiting Newcastle. Since it was established, the business has experienced steady growth and now boasts a turnover of £1 million.
However, like many other restaurants across the country, the venue has been hit hard by the COVID pandemic and lockdown restrictions having had to close its doors to members of the public for a number of months. Pani's has since reopened subject to social distancing rules.
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