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Mulligans closing?

  • Thread starter Thread starter Rab
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Rab

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Heard through the grapevine that Mulligans will be closing for good at the end of October and is up for sale at 70K euros.

Can anybody confirm or otherwise?
 
Does anyone know who its up for sale with? also what other places are up for sale.

Thanks
 
If you look under Businesses for sale on the left hand margin you will see quite a few of the places in the port are up for sale, including a few famous ones, I dont think this is unusual, I think some places take a long time to sell so they continue trading during the process, hope this helps.
 
sws97sdg said:
If you look under Businesses for sale on the left hand margin you will see quite a few of the places in the port are up for sale, including a few famous ones, I dont think this is unusual, I think some places take a long time to sell so they continue trading during the process, hope this helps.
Click to expand...


:eek:

Makkesar for 360k euros, Cafe La Font went for 65K euros as did The Nags Head. Surely it cant be true that Mulligans is up for 70K euros? I assume businesses in Majorca are based upon turnover, profit etc.
 
I think the difference is if you rent it,s cheapish, but to buy its a different story.
 
I think thats it gpm, the cheaper ones is just to for the lease, you will pay rent to the lease holder, the 350k one probably gets you the freehold as well ie no rent. Any property experts here?
 
It will be (almost) the same as in the UK. If you own the property, the sale price reflects that; if you rent it reflects the continuing liability for rent and the length of term remaining.

Either way it is not a staightforward calculation, as you need to arrive at an adjusted net profit from the business, and apply a multiplier based on (usually) evidence from transactions on comparable businesses. However, you have to be careful to look at the current and anticipated future market conditions in arriving at your figure. There is no point assuming that just because the business made a good profit over the last few years it will contunue to do so. There are a lot of factors to consider, including (especially in the bar & restaurant trade) the personality / style of the owners.

Hope this helps clarify the reasons behind the disparity in the figures.

allanglens
 
While i know trade has been down generally this year, i do wonder if the closure and subsequent development work of Tango has not caused further loss of business for Mulligans.
Friends of mine work there so i am concerned for them, i just hope they can keep their jobs.
 
I am sorry for the people that work there but one less faux Irish bar in the port is a joy to my ears!
 
Hi Cocoa i respect your opinion about Mulligans, but when greedy landlords double rents it becomes impossible to keep trading. When you consider that a lot of your favourite bars and restaurants are in rented property your joy may be short lived.
I have also heard that the "Texmex" chain are struggling.
 
I wouldn't be sorry to see the Tex Mex go either. Sorry, but it is how I feel. Most people who know my posts know how I feel about faux Irish/Tex Mex type restaurants and bars and I won't go into it now as we have discussed it all in the past till we are blue in the face.
I just don't think that these places bring anything new to PP. I would rather see a new restaurant/bar that serves good local food/wine run by Mallorcans rather than another doing a british breakfast, a pint of guinness or a Tex Mex speciality.

Sorry for going slightly off topic here.
 
I tried Tex Mex didn't like it, but lots do. Are you saying you would prefer to see places boarded up. The port has to move on, like it or loathe it, if it doesn't it will die. I would love to see more Mallorquin restaurants open up but a lot of the original ones sold out many years ago, so the chances of them moving back are pretty remote.:eek:
 
Hiya Cocoa07,

I like coming to PP, for PP and Mulligans has never been my thang... but it also supported local musicians... nothing to do with faux irish. Band members were international and of a high standard. So as a venue, it is a another place possible lost, to hear accomplished musicians.
Anyone remember the days when u would go into a wee bar and hear good acoustic music ?

Miriam
 
If i could find where its advertised i would be interested in buying the bar and keeping it as it is so if anyone sees it advertised let me know.;)
 
sparky said:
I tried Tex Mex didn't like it, but lots do. Are you saying you would prefer to see places boarded up. The port has to move on, like it or loathe it, if it doesn't it will die. I would love to see more Mallorquin restaurants open up but a lot of the original ones sold out many years ago, so the chances of them moving back are pretty remote.:eek:
Click to expand...

Sparky,

If the Port has to move on by the continual subliminal erosion of local culture
at the expense of so called British Culture I, like many residents, will be happy to be out on the streets with me nails and hammer. If the survival of this lovely place depends on two weeks of Guiness and Benny Hill, then gawd help us. Hopefully the market has now been oversaturated by British bars and replicas of " life like at home ".

Lets hope so.

BonysLad :(
 
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