Long-running cafe in Royal Arcade for sale for £249,950
- Credit: Archant
Independently-run cafe Marmalades, which has been going for 21 years in Norwich's Victorian arcade, is up for sale.
The cafe, which opened in 1999, run by a husband and wife team, is for sale because the owners want to "slow down and retire", according to the agents.
And despite Covid, it has managed to keep operating successfully.
Agents Everett, Masson & Furby, state over the years, the "vendors have built the business up to where it is now with yearly turnover figures consistently in the region of £375,000, which is extremely high for a cafe of its size".
The business is on the market for £249,950.
It adds it has also enjoyed a 'higher turnover' than in previous years, and will "return a healthy and worthwhile profitable return".
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But the sale will come as a blow to arcade owners, insurance giant Legal & General which has been working with tenants, reducing rents, in a bid to kick-start it after lockdown.
Over the past few years, the arcade has suffered from Jamie's Italian closing down as well as independent interiors business Berry's & Grey, which went online, and the English Chocolate Company which shut down after opening for a short period.
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But recently the arcade has seen vacant units filled, such as the hugely successful Artisan Chocolates by Saffire and Fenspirits coming in as a pop-up.
The annual rent for Marmalades is £39,500 a year, the agents state, although a revision is apparently part of the lease negotiations.
"Set under cover in the Royal Arcade, the cafe is in a prime location for attracting the passing shoppers as well as local business employees seeking a spot of lunch or a quick coffee to take away," the agents said.
Last year the website Wheelescapades voted the cafe as selling the "best cheese on toast in Norwich". Ranked fifth out of 65 cafes in Norwich and a 4.5 out of 5 rating on TripAdvisor, the cafe is also known for its home-made double chocolate brownies and in the summer, delicious ranges of ice cream including vegan options.
Previously set for 50 covers indoors it is now currently set up for 22 but with tables for 30 people outside.
The owners declined to comment.