A purpose-built Chinese restaurant in Whitminster near Gloucester, has been put on the market by its founders, who wish to retire. John McGoldrick and Kwok Wai Chiu have asked Blacks Business Brokers to find a new owner for China Garden, with a guide price of £250,000.
The business is being offered for sale on a leasehold basis. In its last full financial year China Garden turned over in excess of £700,000, and has continued to trade profitably throughout the pandemic, and associated lockdowns, thanks to a popular takeaway offering.
China Garden sits next to The Whitminster Inn, which is also owned by Mr McGoldrick and Mr Chiu. The pair, who had previously worked together on a portfolio of successful takeaway businesses, acquired the then dilapidated coaching inn and its surrounding plot in 2002.
They initially spent £1.5 million renovating The Whitminster Inn, to which they added a Chinese takeaway. This proved so popular that they then invested a further £1 million in building the restaurant premises.
Mr McGoldrick and Mr Chiu are both now aged 65 and wish to retire from the day-to-day running of the business, but will retain the freehold over the whole site.The restaurant employs 20 people, in addition to the proprietors, and a new owner could potentially either manage the business themselves or run it under management as an investment. It is fully equipped, and the kitchen includes a 14-burner wok cooker.
The restaurant’s local market is also set to increase significantly, with the development of 2,250 homes as part of the Robert Hitchins Group’s proposed Grove End Farm development in Whitminster.
Chelsea Melnyk, sales negotiator at Blacks Business Brokers, said, “China Garden is an established, profitable business with no local competition, and represents an excellent opportunity for a new owner. Although it is already highly successful, a new owner could immediately boost trade by introducing a delivery option, and registering with services such as Just Eat or Deliveroo.
“The restaurant has an established, loyal customer base, and benefits from being located on the county’s main arterial A road, which makes it easy to find and exposes it to significant passing trade. However, the planned Grove End Farm development of more than 2,000 neighbouring homes, a primary school and various new business premises is a game-changer, promising thousands more potential customers on China Garden’s doorstep.”