Summary
This turnkey tap house and restaurant started two years ago in Colorado Springs as a franchise called Growler USA. The owners had no restaurant experience at the time they signed the franchise agreement and started the business. After spending hundreds of thousands of dollars on furniture, equipment and buildout in brand new store front, the owners realized that the Growler Franchise model didn’t work in Colorado. They exited the franchise and rebranded the restaurant as a gastropub serving high quality craft beers and food. Today the tap house operates with 10 employees and offers 100 craft beer taps served to sophisticated clients. Exiting from the franchise enabled the business to serve craft liquor, bottled beer, international beer, wine and craft cider. In addition, they now create food from scratch, and beer infused food. Their popular food menu drives 55% of revenue and 45% comes from alcohol sales. While the current owners endured a financial loss early on due to the cost of two startup initiatives and litigation to end the franchise agreement, Q1 2019 was profitable. Everything is now in place for a new owner to reap the financial awards of this great tap house.
Facilities
This gastropub is situated in a 2400 square foot unit with a patio in a 4-unit shopping plaza in a new/growing area of Colorado Springs. The restaurant seats 89 indoors and 25 more on the patio.
Financials
Asking Price: $400,000
Included in the Sale: New restaurant buildout, equipment & furniture purchased at $623K
2018 Revenue: $500,000
Market Outlook
Competition: There is one competitor in the area offering hotdogs and hamburgers and has a full bar with 30 taps. It is fast food so they do not have waitresses. Another nearby bar caters to a younger party crowd and serves inexpensive beer like Budweiser and Coors. Most families prefer the gastropub’s atmosphere, service, and superior food. There aren’t any other bars or nightclubs close by.
Growth and Expansion: The market trend for craft beer is solid in Colorado Springs. Despite a rough start and two grand openings, this tap house has now gained a steady loyal following. The restaurant has room to host larger group meetings and parties, as well as more carry-out and catering in the area. Although the beer supply turns over quickly, the new owner could substitute a number of taps from the center of the wall for lighted shelves to feature new liquor offerings. There are seven flat screen TVs that were originally used for the beer menu that could be converted to create a sports environment. The restaurant has potential room for future growth by expanding into the 1900 sq ft bay next door. This would allow room to expand the kitchen and offer private meeting space for corporate customers and private parties. The patio could be enhanced to further accommodate outdoor customers who like to bring dogs.
About the Sale
The owners plan to return to other industries and are willing to train the new owner for 30days free.
Send Me More Information about this Business
All information contained herein provided by business owner, to be verified by buyer, and not warranted by Crestone Business Group. For more information on this or profitable business opportunities, please contact:
Crestone Business Group
Steve Coast, Owner | 6730 Grey Wolf Court |Colorado Springs, Colorado 80919
Direct Phone: (719) 799-6488 | steve@crestonebusinessgroup.com | www.crestonebusinessgroup.com
