Expand Cork Bar with New Kitchen, Parking Lots
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Expand Cork Bar with New Kitchen, Parking Lots
- 1. The Cork Bar and Grill Business Expansion Plan Prepared by Concerned Capital 1
- 2. Oldest Night Club on West Adams Concerned capital 2 Photos by Herman Lenard
- 3. Profile: Established Gathering Spot Since 1947 Concerned Capital 3
- 4. Location is Key to our Success Louis Armstrong Concerned Capital 4
- 5. Concerned Capital 5 Our Place is Famous For
- 7. Samples from Our Menu • Deluxe Combo shrimp, catfish, red snapper and wings, served with once side order and garlic bread • Seafood Combo catfish, red snapper and shrimp, served with one side order and garlic bread • Chicken Combo wings, catfish, red snapper, served with one side order and garlic bread • • Chicken Wings five wings, served with one side order and garlic bread • Hot Wings chicken drumettes, cooked with hot sauce served with one side order and garlic bread • Crab Cakes Dinner (3 crab cakes) served with potato salad or coleslaw Concerned Capital 7
- 8. Page 8 Our Employees Concerned Capital
- 11. Cork Sales Strategy Concerned Capital 11 Dexter Gordon
- 12. Our Expansion Plan Consists of: • The purchase of two lots for patron parking on our block of West Adams • The purchase of our restaurant and bar facility at 4771 W. Adams • Construction of an new kitchen in adjacent building at 4765 W. Adams - a building we currently own • Renovation of a 4 unit apartment building on the 4771 W. Adams parcel we’re purchasing Concerned Capital 12
- 13. Risks if We Don’t Act Now Concerned Capital 13
- 14. The Costs REAL ESTATE ACQUISITION - 4771 W. ADAMS - RESTAURANT 4764 W. ADAMS - PARKING LOTS $ $ RENOVATIONS - KITCHEN CONNECTED TO 4765 W. ADAMS PARKING LOTS RESURFACED $ $ FEES, PERMITS , INTEREST EXPENSE AND SOFT COSTS $ TOTAL PROJECT COST $ Concerned Capital 14
- 15. Sources and Uses of Funds Concerned Capital USE OF PROCEEDS: Land Costs Building Costs Equipment Costs Construction -Com Construction -Res. Soft Costs Total Use of Funds 1,000,000$ SOURCE OF FUNDS; Conventional Bank Sub-Debt Owner's Equity Total Source of Funds $1,000,000 Land Costs Building Costs Equipment Costs Construction -Com Construction -Res. Soft Costs
- 16. We Can Afford this Expansion •The Cork Bar and Grill is wholly owned by TriniCorp which also owns The Townhouse Bar and Grill - a 400 seat venue •We routinely turn away as many people per night as we currently seat (110 now – 220 after expansion) •Our parent company, (Trinicorp, LLC) is financially healthy and can repay the new debt from historic earnings Concerned Capital 16Chet Baker
- 17. Our Financials • . Concerned Capital 17 Actual Actual Projected Projected Year 2011 2012 2013 2014 Sales Cost of Sales Gross Profit Gross Profit % Sales and General Admin. EBITDA PROPOSED DEBT SERVICE* Coverage Factor #DIV/0! #DIV/0! * $ 850,000 @ 5.5% for 25 yrs 2013 reflects 1/2 yrs debt service (2012 reflects Townhouse leasehold improvements)
- 18. Manageable Growth for Trinicorp, LLC Concerned Capital 18
- 19. Thank You So Much Concerned Capital 19 Lina Horn