York hospitality business and landmark property hits the market

One of York’s most popular and successful hospitality venues has become available for sale with its long established owner planning for retirement.

Kennedy’s Bar and Restaurant and Sotano Tapas Bar in the heart of York city centre have been owned and run by Karen Waugh for almost 25 years in a 6,000 sq ft building which is also under her family’s ownership.

The joint business, with Kennedy’s serving guests on a separate level to Sotano, has continued to trade profitably despite the wider market conditions.

Located a stone’s throw from the iconic York Minister, historic market and other visitor attractions, Kennedy’s and Sotano benefit from being in a prime and high footfall location.

Leading retail and hospitality brands including The White Company, Berry’s Jewellers, The Botanist and Manahatta are all in close proximity.

The venue can accommodate more than 250 covers and is a popular location all year round.

Colenso and Stephensons have been appointed to jointly market the opportunity, with the freehold, business goodwill, and fixtures and fittings available for offers in the region of £2.95m. The purchaser will also acquire the existing brands, websites, social media channels and 18,000-strong audiences.

A sale of the business on a leasehold basis would also be considered.

Waugh said: “It has been an absolute pleasure and privilege owning the building and running Kennedy’s and Sotano in York for more than 20 years. I am extremely proud of the success we have achieved over this time, building two fantastic brands, a diverse and loyal customer base of local people for socialising and dining, as well as being a popular and well regarded choice for visitors to the city.

“All good things must come to an end, and I am now looking to pass the building and successful business and brands on to new ownership as I look forward towards retirement and beginning the next chapter in mine and my family’s own lives.”

James Ratcliffe, partner and head of commercial agency at Colenso, said: “This is an outstanding and rare opportunity to acquire the freehold of an exceptional property and business operating under two distinct and successful brands within the same building.

“Karen, her family and team have done an amazing job building two brilliant brands and an impressive reputation for a top quality food and beverage offer, and a fantastic day-to-night experience for all.

“Any purchaser will experience a seamless transition to ownership and continued operation of a business that has enjoyed a strong trading history since its establishment and delivers an average turnover of more than £2m per year with an adjusted net profit of around £400,000.”

Elliot Newby, associate partner and head of commercial agency at Stephensons, added: “York has continued to outperform other leading locations with latest data from Northern Bar & Restaurant, in partnership with CGA NielsenIQ, showing it beat the national average sales growth among managed pubs, bars and restaurants in 2024.

“We expect this trend to continue as we progress through 2025 and beyond, offering positive opportunities for investment in property and hospitality ownership and management.

“Kennedy’s and Sotano are thriving operations situated within an impressive building in a highly sought after location and we expect strong levels of interest from a wide variety of potential purchasers.”

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