Owners of Pendle bar and restaurant put business up for sale
The owners of a popular Colne bar and restaurant have decided to sell the business to allow them to scale back their workload and spend more time abroad.
Deborah and Michael Ellis have asked Blacks Business Brokers to find a new owner for Riley’s in Albert Road.
The business is being marketed with a guide price of £161,995 to take over the lease, plus rent to be negotiated with the vendors, who will retain the freehold over the property.
The couple also own a number of other businesses around Colne, including the motor repair business M.J. Ellis & Son in Back Brown Street and the cycle shop Wicked Bikez in Brown Street West.
Riley’s, which Mr and Mrs Ellis established in 2017 to diversify their family business interests, is the only element of their portfolio to be up for sale. The couple have no plans to change the ownership or operation of their other businesses.
The fully equipped bar-restaurant is located on the ground floor of the premises, with a function room on the first floor. The property’s basement and second floor are currently used for storage.
Mrs Ellis works full-term managing Riley’s, as well as dedicating significant time to the couple’s other business interests. She and Mr Ellis, who are both in their 50s, now wish to take a step back and, in particular, spend more time at a property they own in Spain.
The business will, however, continue to run as normal until a new operator is in place. In fact, Riley’s is currently looking for additional staff to join its six-strong team, whom Mrs Ellis says are “fantastic” and would stay on with a new owner.
The business turned over more than £190,000 in the year to March 31st, 2020, the last month of which saw the hospitality sector suffer as the nation headed towards lockdown. According to Mrs Ellis the business has thrived since re-opening this year.
As well as its bar-restaurant offering, the first-floor function room at Riley’s is used to host a range of events, including christenings, wakes, baby showers and wedding receptions.
Cocktail-making sessions for hen parties also prove popular, and the owners are considering investing in an Instagram Wall to capitalise on the bar’s popularity with younger, social media-conscious customers.
Callum Pollard, customer service executive at Blacks Business Brokers, said: “Riley’s provides a great opportunity for a new owner to take over a successful going concern with a strong team, and to build upon our clients’ achievements. It could equally suit a hands-on owner or an investor who wants to employ a manager and take a back seat.
“There are a number of initiatives a new owner could introduce to increase revenues. These include expanding the food offering and possibly increasing the opening hours to cater for breakfast and brunch trade.
“Riley’s has a strong presence on Facebook but introducing its own website could also help market it to a wider audience.”
All enquiries should be directed to Blacks Business Brokers on 0333 370 0000, quoting reference 7494.