Contact business brokers
To buy any restaurant business in London you must contact a business broker in the town who can help you find some restaurants for sale. Tell the broker about all your requirements that what type of restaurant you are looking for, in which area you want to have etc. Subsequently to that he will provide you the best available options that are close to your requirement. If you don’t find any of his deals attractive then, your broker will look for better one.
Below is the list of some brokers offering services in London:
(a) Abacus Business Sales
(b) Sunbelt Business Brokers
(c) Hornblower Business Brokers Ltd
If for some reason you are not satisfied with your business broker’s approach, then you have another option to search for the restaurant on sale through internet. There are several websites on internet that list businesses for sale, where you can find your desired business as well. Here is the list of some of those websites:
Visit BusinessForSale.com Website
Visit Daltonsbusiness.com Website
Visit Rightbiz Website
When you are done finding a venue that meet all your requirements then, you have to assess the real value of that business with the help of valuators. Below is the list of some valuators that can help you in determining the actual value of the business.
(a) Parmentier Arthur Group Limited
(b) BNP Paribas
Check restaurant documents
After determining the actual value of the restaurant, you will go through it's tax papers in order to check whether vendor as kept current with his taxes. Make sure to verify for debt against the restaurant because any sort of tax or other lien against the restaurant may become a headache later on.
Check whether the vendor had leased the restaurant from bank or mortgage it from any mortgage company. If the restaurant is bought on credit then, verify how many installments are left and the tenure of lease or mortgage.
Check grading and license of restaurant
Don't forget to verify the grading of the restaurant awarded by the inspection team of the local government. These ratings have three gradings a, b and c.
A grading is awarded to fine dine restaurants or restaurants which are found spotless in terms of hygiene, sanitation, food quality etc. B means that restaurant is rated as average while C means that the eating place is on a final warning after which if the bistro failed to meet the requirements of the inspection team their licence will be terminated.
Then, you will check the validity period of the restaurant's licence, which the vendor had obtained at the time of starting the business.
Negotiate deal with vendor
If you found restaurant in order after checking all necessary documents then, negotiate a deal with the vendor. After reaching a deal you have to go through some legal paper work.
At this point, you need help of a lawyer/solicitor, who will handle the entire legal paper work process for you. This assistance is important to have in order to avoid any fraud, while purchasing a business. Below are the details of some lawyers, so you can contact them for help.
(a) Abrahamson and Associates
(b) G.H Gelberg & Co
(c) Bennett Welch & Co
After filling out all legal formalities and making the payment due, business will be transferred in your name and you will be ready to start it.