Gisborne’s only Italian restaurant is up for sale with its owners planning to pursue new challenges having consolidated a successful and thriving business in the city centre.
The business is being offered to the market as a going concern with tenders closing 4 April through Colin McNab of Bayleys Gisborne.
Chef Grant Bailey and business partner Anez Barnes have owned The Fettuccine Brothers restaurant - in leased premises in the historically-listed Albert Building in Peel Street central to the city’s attractions - for five years.
The restaurant is something of an icon of the dining landscape in Gisborne; Bailey and Barnes are just the third owners since it was established around 20 years ago.
Detailed financials for the business are available to prospective purchasers upon the signing of a confidentiality agreement.
“Turnover for this financial year is expected to be over $500,000, which is ahead of the previous two trading years and is encouraging,” says McNab.
“There is a comprehensive list of well-maintained chattels valued at over $150,000 – everything required to operate the business - which will form part of the sale. Dependent on offers received via the tender process, these may be a negotiable part of the sale.”
Chattels include Rimu bar, chillers, all restaurant furniture, cash registers, beer dispensing unit and taps, coffee machine and grinders.
The facility can accommodate more than 100 people utilising the wine lounge, restaurant and outdoor seating area. The current owners have listened to the market and their clientele and have been innovative in their approach to both the food and service delivery. They experienced the busiest Christmas/New Year period in their five years of trading in 2011/2012 and the annual Rhythm and Vines festival has had a positive impact on turnover in recent years with a thriving lunch trade.
McNab says he expects keen interest in the business given its track record and position within the industry in Gisborne.
“Everyone in Gisborne knows the place; it has seen so many family meals, romantic dinners, corporate functions and other events. Because of the flexible layout, it has casual, formal and outdoor dining options which allows it to adapt to customer preference,” says McNab.
“Menus are also placed in all accommodation offerings across Gisborne with delivery available for guests, and charge-back options for those who choose to dine in the restaurant.”
Whilst the current owners do have new pastures to explore, there could be the possibility of a transitional handover. McNab says this would need to be discussed more fully on a case-by-case basis.
The proven systems that Bailey and Barnes have used to successfully build their business have been documented in manuals to enable a new owner to transition into the business as seamlessly as possible. Recipes that are the secret to The Fettuccine Brothers popularity will also be handed over.
“Over the years, the current owners have established sound long-term working relationships with suppliers both locally and nationally. Many of the products used in the menu are from Italy to keep the food authentic and these are largely sourced via New Zealand suppliers who have consolidated great import relationships,” says McNab.
“Ordering processes are streamlined, as are the day-to-day operational systems. There are two electronic tills and two eftpos systems in use with dockets printing directly to the kitchen and the bar respectively.”
The Fettuccine Brothers has a niche position in the city’s dining spectrum and is one of the busiest evening dining destinations.
“The future looks bright for this business which has always evolved to suit the market. There are still new possibilities to pursue and a forward-thinking new owner will recognise this,” says McNab.