THE owners of a Colne bar and restaurant have decided to sell the business to allow them to scale back their workload and spend more time abroad.

Deborah and Michael Ellis have asked Blacks Business Brokers to find a new owner for Riley’s on Albert Road.

The business is being marketed with a guide price of £161,995 to take over the lease, plus rent to be negotiated with the vendors, who will retain the freehold over the property.

The couple also own a number of other businesses around Colne, including the motor repair business M J Ellis & Son on Back Brown Street and the cycle shop Wicked Bikez on Brown Street West.

Riley’s, which Mr and Mrs Ellis established in 2017 to diversify their family business interests, is the only element of their portfolio up for sale. The couple have no plans to change the ownership or operation of their other businesses.

The fully equipped bar/restaurant is located on the ground floor of the premises, with a function room on the first floor. The property’s basement and second floor are currently used for storage.

Mrs Ellis works full-time managing Riley’s, as well as dedicating significant time to the couple’s other business interests. She and Mr Ellis, who are both in their 50s, now want to take a step back and, in particular, spend more time at a property they own in Spain.

The business will, however, continue to run as normal until a new operator is in place. Riley’s is currently looking for additional staff to join its six-strong team, whom Mrs Ellis says are “fantastic” and would stay on with a new owner.

The business turned over more than £190,000 in the year to March 31, 2020, the last month of which saw the hospitality sector suffer as the nation headed towards lockdown. According to Mrs Ellis, the business has thrived since reopening this year.

As well as its bar-restaurant offering, the first-floor function room at Riley’s is used to host a range of events, including christenings, wakes, baby showers and wedding receptions. Cocktail-making sessions for hen parties also prove popular, and the owners are considering investing in an Instagram Wall to capitalise on the bar’s popularity with younger, social media-conscious customers.