History
This family-owned pizzeria is one of the oldest and best established in Cyprus, with a continuous trading history dating back to 1970. It enjoys an excellent reputation for home-made pizza with fresh ingredients and has a large, loyal client base throughout Nicosia. The brand name alone has appreciable value.
Location
It is located on one of Nicosia’s busiest avenues with excellent visibility and heavy traffic, however, due to the long statutory tenancy the rent is very reasonable at €940 per month.
Products
In addition to a wide variety of pizza, the business offers other fast-food such as submarines, wraps, burgers, fish & chips and salads. Pizzas are baked in-house according to proprietary recipees (included in the Asking Price) while the dough is made by an affiliated company. The new owner of this business will enjoy preferential treatment for the supply of ready-to-bake, home-made pizza dough.
Client base
The business is licensed as a snack-bar and can accommodate up to 16 sit-in clients inside and 20 clients outside, on the front terrace. However, most of the sales are for take-away and delivery clients. The business employs part-time 5 delivery drivers who use their own bikes and are paid per hour. The company database has 20.000 active Delivery clients all over Nicosia ( database included in the Asking price).
Business System
The whole business system and operations have been perfected and fine-tuned over the years to ensure high quality, low operating-costs and easy management. This knowhow will be transferred to the new owner who will enjoy extensive hand-over support from the existing owner, for as long as is needed.
In fact, the new owner does not need to have any experience in operating a pizzeria, this is a simple and easy business to manage.
Value-for-Money
The business is fully equipped with professional kitchen equipment, IT systems (POS, security, alarm, accounting) and office equipment which cost €60.530 including a new Pizza Oven. In addition, the shop was fully renovated recently at a cost of €40.000. Therefore, total investment in equipment, furniture, fittings and interior design was €100.000, in addition there is appreciable value in the licenses, the trade name/brand, excellent location, fine-tuned operations and of course the actual profitability of the business. Finally, this is a low-risk business offering a product in high demand.
Upside
The current owners have other business activities and are not pushing for more sales, as their time is limited. In fact, the business is designed to operate with minimum effort and time commitments.
- The pizzeria opens only in the evenings from 6:00pm till 11:00pm MON to SAT and is closed on Sundays. A new owner/manager can easily increase sales by offering delivery at lunch-time and opening on Sundays. Sundays alone may account for a 20-30% increase in sales.
- The business does not advertise and its current turnover is based solely on repeat business and its reputation in the market. However, a flier campaign in the past resulted in sales of over €300.000 so it is possible to increase sales with a promotional campaign.
- Finally, due to the brand name and efficient production system, the business can easily be expanded with new shops subject to a licensing or franchise agreement with the current owners.
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