The business operation of The Stables, a multi-faceted hospitality venue at Matakana comprising a large restaurant, Smiths Bar, the Dough Puncher bakery and a large scale catering venue is now for sale.
Link Business broker Nick Giles, who is selling The Stables' business within leased premises, describes it as the perfect stop for a casual lunch, a family meal, an intimate dinner, a catch-up drink with friends, a private function or a large scale event.
Giles describes the operation at 1151 Leigh Rd, Matakana Country Park, as "a lean and efficient machine", having been restructured for enhanced efficiency last year.
"This saw the further strengthening of the team at The Stables and this is reflected in improved customer feedback and the continued increase in sales," he says.
"Above all, it has the benefit of a simply stunning location, just 50 minutes north of the Auckland CBD and a mere two minutes out of Matakana Village.
"Matakana is a beautiful part of the country; effectively on the doorstep of a city on one million people — yet it seems one million miles removed."
Giles says the Stables has blossomed into one of the area's premier wedding venues catering for up to up to 500 people at a time. And it has now become the complete hospitality destination.
In 2003 the business started life as "RD6", when it was owned by the late New Zealand music legend Ray Columbus, who ran it for four years.
It was renamed The Stables in 2010 and the current owners took over in 2015.
"They have invested heavily in the facilities – not least adding a huge deck to the bar and restaurant areas. The kitchen was upgraded and Smiths Bar was born. Previously a dark and enclosed storage space, it was transformed in to a highly inviting separate dining area and has become very much 'the local' watering hole."
Details at a glance:
• Stables Restaurant opened in 2010.
• The rent is $116,956 per annum.
• An eight-year-lease is now in place, August 5, 2015, with three six-year rights of renewal giving a final expiry date of August 4, 2041.
• The next rent review will be on August 5 this year.
• As well as the two working owners, there are 15 full-time-staff (eight working in the kitchen) plus nine part-timers.
• Average weekly sales are $47,155.00, including GST.
• The asking price, representing a tally of tangible plus intangible assets, is $1,290,000.
Giles gives an overview of the business operation of The Stables as follows:
Stables Restaurant & Bar
This is the main restaurant for the venue offering a menu of innovative small or larger sharing plates from coconut ceviche to Hawke's Bay dry aged scotch fillet. The Stables also runs weekly specials called Rituals. The restaurant is 200sq m with seating for 137 inside and a further 75 people outside in the Garden Bar and on the front courtyard area. The Stables Restaurant can be used for casual or large-scale dining, conferences or events.
It opens from 4pm till late from Wednesday to Friday and from 12pm till late, on Saturday and Sunday.
It is closed on a Monday and Tuesday.
Giles says Smiths Gar is a popular 'local'. He describes it as a rustic meeting place for locals and visitors alike. "It is a relaxed bar and intimate dining area serving creative cocktails and sharing plates with internationally-inspired flavours. There is seating for 48 in the bar including a private area called the Red Room which can be booked for groups of 8-12.
He says Smiths is an important part of the operation allowing service to the public continue even when the main restaurant is booked for a wedding or large event.
There is further seating for 72 outside on the impressive deck. It is open on Tuesday to Friday from 4pm, on a Saturday from 12pm to late and Sunday 12pm to 5pm.
This separate private function room is a perfect addition to the business. This the latest project for the owners and it is a welcoming and private space with audio-visual equipment available to use for smaller conferences, presentations or events.
The Dough Puncher is located just inside the main door of The Stables and serves fresh breads, gourmet pies, handmade doughnuts and coffee. An addition to the range of venues, it's a great source of early morning revenue.
The Dough Puncher opens from 6:30am to 3:30pm Monday to Friday and from 7am to 12:30pm on Saturdays and Sundays. "It is a nice addition to fill in the early parts of the day when the other businesses are closed or quiet," says Giles.
"The Stables is a fabulous wedding destination set amidst the beautiful Matakana Country Park," says Giles.
"Catering is an extremely lucrative part of the revenue and huge effort has been put into laying the foundations for this to become an ever increasingly important part of the business. Indeed, 38 weddings are booked for 2018 already out of a target of 40 and 10 already booked for 2019. One part of the lease negotiations when the current owners bought the business was the inclusion of the adjoining lawn to The Stables courtyard. This is a huge space in which to hold special events. Food & beverage festivals, music events, kids' days out and family events are all part of the plan this summer."
The likes of High Life and Rhythm & Vines have explored using the venue for large-scale concerts on the park, says Giles.
"On January 2, Bryan Adams played at the park, to wide acclaim, and the Smiths Bar was used as used as a VIP area."