New Jersey Dining, Bar, and Event Venue

Business Description

For sale is a 45+-year-old New Jersey venue with a $1M liquor license included. The property consists of three areas: an indoor restaurant and bar, outdoor dining and bar, upstairs lounge, night club, and banquet facility. They offer dining and drinks, nightlife, and private events. Their multipurpose facility is the only one in the area that provides a nightclub lounge after hours, a big attraction for guests and private parties consisting of sweet 16s, corporate parties, wedding receptions, fundraisers, and mitzvahs. The company has a huge customer database and clientele that range from 30-55-year-olds, the majority being women.

They have had explosive revenue growth from 2020-2021 due to the lifting of restrictions from the pandemic. During 2020 they were shut down for four months, could only utilize outdoor dining, and could not host private events. 85%-90% of revenue comes from dining and bar during hours of operation, with the average order value of $75 per customer; the remaining percentage comes from special events. The company is able to generate 35%-45% net profit and leases its 20,000 sq ft facility with 5 acres of parking.

The business has 45 staff members and 35 independent contractors; the owner plans to retire.

Financial Overview

Asking Price: $12,000,000

Revenue: $6,568,780

Income: $2,684,118

Multiple: 4.5x

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