Acquired from its previous owners at a point where the business was losing money on an annualised basis in excess of six figures. Turned around over approximately twelve to twenty four months and sold at around three and a half times the acquisition cost.
The turnaround was built on brand. Shuffleboards, competitive socialising and a strong identity that gave the venue a clear reason to exist in a crowded market. The challenge was that a great brand is not the same as goodwill, and there was no real goodwill in the business when it was bought. It was also limited by its licence under the city council's licensing policy, which capped what the site could ever do commercially.