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Belle Peche is a restaurant curiously missing from a beach town like Venice. It is a seafood restaurant which combines the casual qualities of the Swan Oyster Depot in San Francisco, the variety of the Water Grill, the culinary execution of the Tasting Kitchen, and a deep wine and craft beer list on top of it all. It’s as if this concept has been waiting for a tired old market/restaurant to become available a few blocks from the beach. As luck would have it, 425 Rose is made to order. Belle Peche promises to be a counter service restaurant, where you take a number, choose what you like from the case, dictate your preferred preparation, walk over to the bar and get your pint of local brew or favorite Sonoma Chardonnay, and sit and wait for your number to be called. It would feature a flavor profile seated in the Mediterranean, with preparations that evoke seafood bistros of coastal France. Moules Frites, Lobsters and Fish grilled on wood would fill the tables in a setting as fitting for dining as it is for a dozen oysters and a glass of wine in the late afternoon. Perched at the corner of 5th and Rose, Belle Peche will feel like a restaurant had always been there.


Dine


Chef

C

asey Lane has found himself at the age of 31 with one of the most celebrated Modern Italian restaurants in the US, four James Beard Nominations, and as owner/ operator of a hospitality company with the growing infrastructure needed to become one of the best operators in the industry. Casey Lane is Executive Chef and Owner at The Tasting Kitchen in Venice, California. A native of El Paso, TX, Lane attended culinary school in Portland, OR at age 18. In 2009, he moved to Los Angeles and opened The Tasting Kitchen, which quickly jumped to the forefront of L.A.’s seasonal farm to table cuisine. GQ Magazine named The Tasting

Kitchen one of the “10 Best New Restaurants in America” and Zagat named Tasting Kitchen as “one of the hottest restaurants in the world.” Lane’s passion for cooking began at a young age, in what he calls “the most memorable of kitchens,” in his grandfather’s home. These early experiences sparked an inspiration to find the soul inside this great craft. His journey led him to the kitchens of Portland, Oregon and the lineage of Paul Bertolli, through the launch of Clarklewis, one of Portland’s seminal institutions. Here, Lane learned the importance of cooking by hand and cooking through tradition. He later worked with great operators the BCR Group and Kenny Giambalvo, which helped him find a refinement to his cooking and strong sense for not just the craft, but the business behind a great restaurant. Lane’s experience as an operator was further developed at several premier country clubs, where he oversaw high grossing banquet operations. Lane has been celebrated as one of the most gifted young chefs and restaurateurs in the country, reflecting his unique combination of culinary and restaurant management talents.


Market


Gather


Venice KITCHEN

MAIN ENTRANCE

RESTROOMS

PARKING

SEAT COUNT DINING 25 BAR 26 PATIO 28 TOTAL 79


Financials

Electrical Mechanical & Plumbing ABC Licensing Consultation Permits, Licenses & Fees ABC License Application Fee Type 41 Liquor License Health Department Related

SQ FOOTAGE

Construction General Contractor Millworker Hoods and Scrubber System, Walk In. Keg and Wine System Kitchen Belle PecheEquipment SQ FOOTAGE Lighting Fixture Allowance

2757

2757

Belle Peche

BUDGET SUMMARY

PPSQFT

$667

Planning Design Key Fee/CUP Architect Kitchen Design Lighting Design Engineering & Consulting Electrical Mechanical & Plumbing ABC Licensing Consultation Permits, Licenses & Fees ABC License Application Fee Type 41 Liquor License Health Department Related

$204

Construction General Contractor Millworker Hoods and Scrubber System, Walk In. Keg and Wine System Kitchen Equipment Lighting Fixture Allowance

$316

F,F & E Kitchen Equipment (Incl GC) Flatware Glassware Bar tools and accessories SmallWares Furniture Chairs (75 x $150) Tables (25x $500) Barstools Office Furniture Fixtures Signage BOH Lighting (in construction) Patio Heaters

Window Treatments Coffee Program - Equipment and Start-up AV,POS, Telecom & Office AV/Stereo POS POS System (hardware, software, install) Cabling

$1,839,273.62 $561,502.00 $430,000.00 $100,000.00 $4,500.00 $0.00 $10,000.00 $10,000.00 $0.00 $3,202.00 $900.00 $2,900.00

$38

$870,000.00 $600,000.00 $100,000.00 $25,000.00 $20,000.00 $100,000.00 $25,000.00

$104,250.00 $5,500.00 $7,500.00 $0.00 $7,000.00 $11,250.00 $12,500.00 $0.00 $500.00 $5,000.00 $12,000.00 $2,500.00

$5,000.00 $20,000.00 7,500.00

F,F & E SUMMARY BUDGET Kitchen Equipment (Incl GC) Flatware Planning Design Glassware Key tools Fee/CUP Bar and accessories Architect SmallWares Kitchen Design Furniture Chairs x $150) Lighting(75 Design Tables (25x & $500) Engineering Consulting Barstools Electrical Office Furniture Mechanical & Plumbing ABC Licensing Consultation Fixtures SignageLicenses & Fees Permits, BOH construction) ABCLighting License(in Application Fee Patio TypeHeaters 41 Liquor License Health Department Window TreatmentsRelated Coffee Program - Equipment and Start-up AV,POS, Telecom & Office Construction AV/Stereo General Contractor Millworker POS POSand System (hardware, software, install) Hoods Scrubber System, Walk In. KegCabling and Wine System Kitchen Equipment Office & Telecom Office Fixture & Telecom Lighting Allowance Security Opening F,F & E Labor & Equipment Related Kitchen (Incl GC) Employee Labor Flatware Kitchen and FOH Training Labor Glassware Management Salary Bar tools and accessories Recruitment SmallWares Food/Bev Furniture Inventory Opening Food Chairs (75 x $150) Opening Alcohol Tables (25x $500) Opening BarstoolsPaper Office Furniture Services, Utilities & Related Bills Uniforms Fixtures Signage Cash Cash Reserves(in construction) BOH Lighting Cash in Drawer Patio Heaters Website, & Graphic Design WindowPrinting Treatments PR andProgram Marketing Coffee - Equipment and Start-up Federal Realty Preopening Rent/Cam/Tax/Assoc AV,POS, Telecom & Office AV/Stereo POS POS System (hardware, software, install) Cabling

$316

PPSQFT

$38 $667 $204

$316

$81 $38

$10,000.00 $10,000.00 $0.00 $3,202.00 $900.00 $2,900.00 $870,000.00 $600,000.00 $100,000.00 $25,000.00 $20,000.00 $100,000.00 $25,000.00

$104,250.00 $1,839,273.62 $5,500.00 $561,502.00 $7,500.00 $0.00 $430,000.00 $7,000.00 $100,000.00 $4,500.00 $11,250.00 $0.00 $12,500.00 $0.00 $10,000.00 $500.00 $10,000.00 $0.00 $5,000.00 $3,202.00 $12,000.00 $900.00 $2,500.00 $2,900.00 $870,000.00 $5,000.00 $600,000.00 $100,000.00 $20,000.00 $25,000.00 7,500.00 $20,000.00 $100,000.00 $3,000.00 $25,000.00 $5,000.00 $223,521.62 $104,250.00 $0.00 $5,500.00 $52,521.62 $7,500.00 $0.00 $0.00 $7,000.00

$29

Belle Peche Preopening (Labor) Belle Peche Preopening (Labor) Management Qty # Days Salary Management

$21,000.00 $11,250.00 $20,000.00 $12,500.00 $4,000.00 $0.00 $5,500.00 $500.00 $3,000.00 $5,000.00 $80,000.00 $2,500.00 $12,000.00 $15,000.00 $2,500.00 $20,000.00 $80,000.00 $5,000.00 $20,000.00 7,500.00

Exec. Chef Sous Chef Exec. Chef Lead Chef Line Sous Line Line Lead Prep Line Dish Prep Dish General manager Assistantmanager Manager General Bar Manager Assistant Manager Server Bar Manager Busser Server Busser Total Training PayrollTraining Taxes Total Total Training Payroll Taxes Cost Total Training Cost

1 Qty 1 3 1 8 3 5 8 5 5

30 # Days 21 30 10 21 10 10 3 10 3

1 1 1 7 1 5 7 5

60 21 60 14 21 10 14 10 10

$60,000.00 Salary $30,000.00 $60,000.00 $25,000.00 $30,000.00 $11.00 $25,000.00 $10.00 $11.00 $10.00 BOH Training $10.00 BOH Training $75,000.00 $45,000.00 $75,000.00 $20,000.00 $45,000.00 $9.00 $20,000.00 $9.00 FOH Training $9.00 FOH Training 16.00% 16.00%

Total $4,931.51 Total $1,726.03 $4,931.51 $2,054.79 $1,726.03 $7,040.00 $2,054.79 $4,000.00 $7,040.00 $1,200.00 $4,000.00 $20,952 $1,200.00 $20,952 $12,329 $2,589 $12,329 $767 $2,589 $5,040 $767 $3,600 $5,040 $24,325 $3,600 $24,325 $45,277 $7,244 $45,277 $52,522 $7,244 $52,522


Financials BASELINE PROJECTIONS YoY Growth assumption

P&L SCENARIO MODEL Conservative Scenario P&L SCENARIO MODEL

2.00% Year One

Year Two

Year Three

Year Four

Year Five

$3,802,500 $608,400 $494,325 $152,100 $220,545 $1,026,675 $76,050 $114,075 $75,000 $76,050 $47,531 $114,075 $120,000 $103,000 $50,000 $524,674 13.8%

$3,878,550 $620,568 $504,212 $155,142 $224,956 $1,047,209 $77,571 $116,357 $75,000 $77,571 $48,482 $116,357 $120,000 $103,000 $72,000 $520,127 13.4%

$3,956,121 $632,979 $514,296 $158,245 $229,455 $1,068,153 $79,122 $118,684 $75,000 $79,122 $49,452 $79,122 $120,000 $103,000 $50,000 $599,491 15.2%

$4,035,243 $645,639 $524,582 $161,410 $234,044 $1,089,516 $80,705 $121,057 $75,000 $80,705 $50,441 $80,705 $120,000 $103,000 $36,000 $632,441 15.7%

$4,115,948 $658,552 $535,073 $164,638 $238,725 $1,111,306 $82,319 $123,478 $75,000 $82,319 $51,449 $82,319 $120,000 $103,000 $34,000 $653,770 15.9%

Cash Avaliable for Distribution Net Income

$524,674

$520,127

$599,491

$632,441

$653,770

Add back D&A Reinvestment Total Distribution

$50,000 $100,000 $474,674

$72,000 $100,000 $492,127

$50,000 $59,949 $589,542

$36,000 $63,244 $605,197

$34,000 $65,377 $622,393

Founding Partner Investors

$$474,674

$$492,127

$$589,542

$302,598.36 $302,598.36

$311,196 $311,196

Sales BOH labor FOH labor Management Fee Benefits COGS Credit Card Supplies Outside Services Repairs and Maintenance Utilites Comps Rent Insurance Depreciation & Amortization Net Income Profit Margin

Baseline Scenario

Upside Scenario

Conservative Scenario Baseline Scenario Upside Scenario $2,960,100 $3,802,500 $6,056,700 $118,404.00 $152,100.00 $242,268.00 $2,960,100 $3,802,500 $6,056,700 $473,616 16% $608,400 16% $969,072 16% $118,404.00 $152,100.00 $242,268.00 $414,414 14% $494,325 13% $787,371 13% $473,616 $608,400 16% $969,072 6% 16% $177,606 16% 6% $220,545 6% $351,289 FOH labor $414,414 $494,325 27% 13% $787,371 27% 13% COGS $799,227 14% 27% $1,026,675 $1,635,309 Credit Card $59,202 2% $76,050 2% $121,134 Benefits $177,606 6% $220,545 6% $351,289 2%6% Supplies $88,803 27% 3% $114,075 3% $181,701 3% COGS $799,227 $1,026,675 27% $1,635,309 27% Outside Services $74,003 3% $74,003 2% $74,003 1% Credit Card $59,202 2% $76,050 2% $121,134 2% Repairs and Maintenance $59,202 2% $76,050 2% $121,134 Supplies $88,803 3% $114,075 3% $181,701 2%3% UtilitesServices $76,963 3% $76,963 2% $76,963 Outside $74,003 3% $74,003 2% $74,003 1%1% Comps $59,202 2% $76,050 2% $121,134 Repairs and Maintenance $59,202 2% $76,050 2% $121,134 2%2% Rent $120,000 4% $120,000 3% $120,000 Utilites $76,963 3% $76,963 2% $76,963 2%1% Insurance $103,000 3% $103,000 3% $103,000 Comps $59,202 2% $76,050 2% $121,134 2%2% Depreciation & Amortization $50,000 2% $50,000 1% $50,000 1% Rent $120,000 4% $120,000 3% $120,000 2% Net Income $286,459 $534,265 $1,102,323 Insurance $103,000 3% $103,000 3% $103,000 2% Profit Margin 9.7% 14.1% 18.2% Depreciation & Amortization $50,000 2% $50,000 1% $50,000 1% Net Income $286,459 $534,265 $1,102,323 Cash Avaliable for Distribution Profit Margin 9.7% 14.1% 18.2% Net Income $286,459 $534,265 $1,102,323 Reinvestment $100,000.00 $100,000.00 $100,000.00 Cash AddAvaliable back D&Afor Distribution $50,000 $50,000 $50,000 Net Income $286,459 $534,265 $1,102,323 Total cash available $236,458.90 $484,264.90 $1,152,323.30 Reinvestment $100,000.00 $100,000.00 $100,000.00 Add back D&A $50,000 $50,000 $50,000 Total cash available $236,458.90 $484,264.90 $1,152,323.30 Sales Management Fee Sales BOH labor Management FOH labor Fee BOH labor Benefits

50% 50% 19% ROI

Confidential Property of From Scratch Hospitality

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Financials REPAYMENT SCHEDULE

REVENUE PROJECTIONS Scenario 1- Conservative Estimate Monday PPA $35 Turns 2 $5,250 Weekly total $56,925 Annual Total $2,960,100 Scenario 2- Baseline Estimate Monday PPA $35 Turns 3 $7,875 Weekly total $73,125 Annual Total $3,802,500

Tuesday $35 2 $5,250

Wednesday $35 3 $7,875

Thursday $35 3 $7,875

Friday $38 4 $11,400

Saturday $38 4 $11,400

Sunday $35 3 $7,875

Tuesday $35 3 $7,875

Wednesday $35 3 $7,875

Thursday $35 3 $7,875

Friday $38 5 $14,250

Saturday $38 5 $14,250

Sunday $35 5 $13,125

Tuesday $35 5 $13,125

Wednesday $35 5 $13,125

Thursday $35 6 $15,750

Friday $38 8 $22,800

Saturday $38 8 $22,800

Sunday $35 6 $15,750

Saturday $57 4.5 $23,855

Sunday $53 4 $19,716

Scenario 1

Scenario 2

Scenario 3

Gross Revenue

2,960,100

3,802,500

6,056,700

Cash available for distribution

236,459

484,265

1,152,323

Repayment Schedule (months)

91

45

19

Initial Investment

1,800,000

Scenario 3- Upside Estimate PPA Turns Weekly total Annual Total Seats Restaurant Open (hours) Average turn time (hours) Potential turn

Monday $35 5 $13,125 $116,475 $6,056,700 75 13 1.5 8.7

The Tasting Kitchen Representative Revenue Model Monday Tuesday PPA $53 $53 Turns 3 3 $14,787 $14,787 Weekly total $121,328 Annual Total $6,309,046 Seats

Beverage EntrĂŠe Dessert/app PPA

Wednesday $53 3 $14,787

Weekdays Weekends $9 $12 $20 $20 $6 $6 $35 $38

Thursday $57 3 $15,903

Friday $57 3.3 $17,493

93

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