Christchurch jazz venue considered unique
Christchurch jazz lovers have long enjoyed drinks and tapas at the jazz bar named Vesuvio. Now LINK Business broker Phil Adcock is selling the intimate establishment, one as renowned for live music as it is for those small Spanish savoury dishes served with drinks.
Described as a seriously profitable operation, Vesuvio has gone to market with an asking price of $860,000 plus stock.
Adcock says the jazz venue has built up a strong following since the early 1990s, operating first at Oxford Terrace, before re-locating post the earthquakes. It has been in the present leased premises — 4 Papanui Rd, Merivale — since 2014.
“But with present owner Matt Lingens’ decision to retire following his 42 years in the hospitality business, a unique opportunity has opened up for somebody to take over.
“I don’t use the word ‘unique’ lightly — in my view there’s nothing else in town quite like this cool and funky hospitality venue,” says Adcock.
“As well as being a great place to hear live jazz, Vesuvio has always been known for its cocktails, cigars, craft beers, whiskeys, private rooms and outdoor courtyards.
“Following three years in the present location it remains popular as ever — it just continues to be a place at which to meet really interesting people.”
Adcock puts the credibility down to Matt’s management style — visionary with huge experience in hospitality. “Matt knows what works and what doesn’t — he is respected as a consultant to the industry, and this establishment has been his personal project.
“Vesuvio is a place where Matt has put together all the elements required to set a benchmark for the industry.”
Adcock lists some of Vesuvio’s unique features:
● It is fully staffed and managed, including bookkeeping, accounting and reporting systems.
There are four full time staff plus The jazz venue has built up a strong following since the early 1990s. It is one of the city’s few establishments able to sell 50 top wines by the glass. two part timers, but the owner is not required to work.
“Currently Matt runs it as a handsoff business and although he does keep an eye on it, it is usually with a cigar in one hand and a glass of wine in the other, listening to live music or chatting with friends.”
● Vesuvio is a “free house”. Nobody but the owner controls what food and drink is sold there. Matt chooses the best of products to suit his clientele, meaning no liquor or food company can dictate what is on offer.
● Live music lovers seek the establishment out to hear the bands and musicians they admire.
● Vesuvio received Fairfax’s only
5-star review in Christchurch; has a
5-star rating on Facebook and 4.5 stars on TripAdvisor. It is listed in Cityscape with a long-term advert, and appears on web pages under searches for nightlife, bar, restaurant, live music and so forth.
Vesuvio Jazz & Tapas has a top of the page rankling on Google. It was nominated for three hospitality awards and won the award for “Best Front Of House Team” for 2017
● Vesuvio is thought by many punters to be the New Zealand wine bar most resembling those in the lanes of Melbourne, Barcelona and Berlin.
● Out-of-towners, particularly Aucklanders, tend to seek this establishment out. In particular, they appreciate that 50 top wines are available by the glass, a feature of the bar occasioned by Matt’s special system, says Adcock.
With the re-opening of the retail and office precinct there will be new cafes, restaurants and bars, notably along The Terrace development, Oxford St and High St.
“While these will bring competition, they will also expand the Christchurch Hospitality Universe. It’s anticipated that the new venues will expand existing markets as people are drawn back into the city, creating a larger customer pool.”
The business shows a strong operating profit of $258,349 per annum. It offers an astute operator well in excess of 30 per cent return on investment, Adcock points out.
“Meanwhile, further opportunities exist to grow the late night business, the function business and to open for lunch.”