Smokin' Joe's BBQ on Soi Lengkee

[CuppaTea]

Been told that Smokin Joes & Steak & Co and the Guest house operation are all up for sale

 

[Luv2Phuket]

18 minutes ago, CuppaTea said:

Been told that Smokin Joes & Steak & Co and the Guest house operation are all up for sale

 

That would be a bummer.  I didn't make it by on my trip earlier this month, but certainly planned to go when I return in November. 

I hope that the quality stays top notch!

[GrinderBkk777]

7 hours ago, CuppaTea said:

Been told that Smokin Joes & Steak & Co and the Guest house operation are all up for sale

 

Thats to bad. One of my favorite places to eat in Pattaya in recent years. 

[avereste]

Does anyone know if the business is still running as usual? and have not changed quality or prices? It's one of my favorites in the city, I'll be back in August and I hope everything remains the same as always in the place. Thanks in advance.

[Syd Tybil]

I ate there yesterday, it was the same as before. Nothing to worry about yet.


Sent from my SM-G950F using Tapatalk

[avereste]

Many thanks, Syd.

 

[Pabloypablo]

My guess that this is the listing......  

Could be wrong, but since I've never slept there, but I've eaten once or twice.

https://bangkok.craigslist.org/bfd/d/two-profitable-restaurants-with-17-room/6928890509.html

Does this break a PA rule?  If so, please delete.

 

 

[Pheat]

5 hours ago, Pabloypablo said:

My guess that this is the listing......  

Could be wrong, but since I've never slept there, but I've eaten once or twice.

https://bangkok.craigslist.org/bfd/d/two-profitable-restaurants-with-17-room/6928890509.html

Does this break a PA rule?  If so, please delete.

 

 

18 million Baht a series amount of cash for a leasehold business getting on for £500,000

Both restaurants when I have walked past which is nearly every day have very few customers in this low season and the rent must be massive has got to be at least 200,000 Baht a month 

[Tigers2017]

6 hours ago, Pheat said:

18 million Baht a series amount of cash for a leasehold business getting on for £500,000

Both restaurants when I have walked past which is nearly every day have very few customers in this low season and the rent must be massive has got to be at least 200,000 Baht a month 

I'm not looking for an argument and have no reason to disbelieve you but 200,000 baht a month rent for a restaurant seems excessive to me. Again I don't know but how did you get this figure? I'm curious that's all.

[Pheat]

4 hours ago, Tigers2017 said:

I'm not looking for an argument and have no reason to disbelieve you but 200,000 baht a month rent for a restaurant seems excessive to me. Again I don't know but how did you get this figure? I'm curious that's all.

Pretty easy really you are talking 4 shop houses in total each will be at least 50K a month rent.

I know an owner on Lenkee who was paying 85,000B a month rent for a double shop house  and that was over 4 years ago and rents have risen  considerably on Lenkee  since then this is for rent for all floors of the building.

200k a month rent is a conservative estimate is probably a fair  bit more.

Edited July 23, 2019 by Pheat

[utopia]

I have eaten there a lot for breakfast.  Service is usually ok.  Very hard to get a large cappuccino for some reason.  4 out of 6 times was given small instead of large.  One of the times charged for large when given small.  Overall was pretty happy with it compared to other places for breakfast but today I went there and the service really sucked.  Busiest I have seen it but they had plenty of service staff.  The temperature inside was also too warm which didn't help.  

I won't be going back for a while but they have real bacon and they do scrambled eggs/poached eggs pretty good.  They also have good sausage.  Still can't get fried eggs without getting runny whites except the time they cooked the yolks all the way through which I am also not a fan of.  

 

[Tigers2017]

11 hours ago, Pheat said:

Pretty easy really you are talking 4 shop houses in total each will be at least 50K a month rent.

I know an owner on Lenkee who was paying 85,000B a month rent for a double shop house  and that was over 4 years ago and rents have risen  considerably on Lenkee  since then this is for rent for all floors of the building.

200k a month rent is a conservative estimate is probably a fair  bit more.

Thanks. I get it now. For some reason I had it in my mind a single front shop only. It's that and a hell of lot more.

[TheGrill]

On 24/07/2019 at 07:20, Tigers2017 said:

Thanks. I get it now. For some reason I had it in my mind a single front shop only. It's that and a hell of lot more.

I have just signed 2 new leases (each double unit), combined rent is 170,00 for the next 3 years for the 4 units .. no key-money, paid monthly.  pretty reasonable I think, it's 18 million via an agent and 15 million direct   There's at least 5 million of movable assets and the buyer would get back their investment within 2 years. We keep all our financial records / bank books etc... its a solid business and well run (in my opinion haha).

It's extremely hard and expensive to setup a new business to the standard of which these are, then there's no guaranteed of success, this is a 'turn-key' investment / business with a proven record and established (Joe's cost 5 million to convert from Jockey's but already has a 15 million baht pa turnover and growing) and Steak & Co. has been running for 5 years now and we have been in the same location for 9 years!  It would be very hard to find 4 units in such a good location close to Baukhao / LK Metro with such low rents. 

Edited August 24, 2019 by steak&co

[Pheat]

30 minutes ago, steak&co said:

I have just signed 2 new leases (each double unit), combined rent is 170,00 for the next 3 years for the 4 units .. no key-money, paid monthly.  pretty reasonable I think, it's 18 million via an agent and 15 million direct   There's at least 5 million of movable assets and the buyer would get back their investment within 2 years. We keep all our financial records / bank books etc... its a solid business and well run (in my opinion haha).

It's extremely hard and expensive to setup a new business to the standard of which these are, then there's no guaranteed of success, this is a 'turn-key' investment / business with a proven record and established (Joe's cost 5 million to convert from Jockey's but already has a 15 million baht pa turnover and growing) and Steak & Co. has been running for 5 years now and we have been in the same location for 9 years!  It would be very hard to find 4 units in such a good location close to Baukhao / LK metro with such low rents. 

So how has this extremely  low season been for business ?

Do you think the diminishing amount of western tourists travelling to Thailand and Pattaya due to low exchange rates will have a significant affect on future turnover but more importantly profit? 

[TheGrill]

11 minutes ago, Pheat said:

So how has this extremely  low season been for business ?

Do you think the diminishing amount of western tourists travelling to Thailand and Pattaya due to low exchange rates will have a significant affect on future turnover but more importantly profit? 

Businesses just need to pivot to new new influx of Chinese, we will shortly be accepting Alipay & WePay and have our menu's translated to Chinese and be featured on some Chinese travel review sites. Also a large portion of our customers are American's who don't seem as badly hit as say the English (I'm English), we have reduced the prices at Steak & Co. on domestic beers and wine and have monthly promotions  as well as Early Bird dining options. Plus we now focus more on Angus steaks rather then Black Angus and Wagyu, again being more sensitive to the falling global currencies. Then we are more active on social media especially Google, bottom line is... sure you have to fight harder for customer but there's always opportunity if you look hard enough, a great example if that is our expansion of food delivery on the Grab Food, the fees are 50% less (more profit) and its gaining us more customers every day particularly Thais and its listed in dual languages. 

Too many people focus on the negatives, a year or so ago Joe's didnt have a breakfast menu now we have one of the best reputations for breakfast in the area.... you have to keep pushing for improvements.  Haha next comes the comments ' why sell then'   There's a number of reasons..... including I personally need a change of direction. 

Edited August 24, 2019 by steak&co

[southsidebruce]

I wonder what is has been the historic average net profit after expenses per month - expenses to include => rent, utilities, food and equipment purchases (e.g., A/C units broken & replaced, etc) staff salaries, room rentals (not sure if they have rooms for rent above the 4 units)... I wonder the same thing - what is the historic average net profit for Sapphire AGoGo and for iBar/Insomnia - places that have been around a few years and appear to be highly successful/always packed/crowded with customer... 

[TheGrill]

1 hour ago, southsidebruce said:

I wonder what is has been the historic average net profit after expenses per month - expenses to include => rent, utilities, food and equipment purchases (e.g., A/C units broken & replaced, etc) staff salaries, room rentals (not sure if they have rooms for rent above the 4 units)... I wonder the same thing - what is the historic average net profit for Sapphire AGoGo and for iBar/Insomnia - places that have been around a few years and appear to be highly successful/always packed/crowded with customer... 

We have a complete breakdown of expenses and record of all those expenses and more, controlling food costs is the most vital element of our business. The difference of 1% here and 2% there can seriously impact your bottom line and believe me we are very careful what we spend and do enjoy some healthy discounts from our main meat supplier (protein always the highest cost). We keep a detailed spreadsheet basically of every ingredient we buy & consumable items, this is updated nightly be our night-time receptionist so we always have the latest prices from our supplier, market or makro etc... it's easy to spot any large changes this way. 

We do keep detailed records of daily income & expenses including bank records (we have two company bank account and a 6 million baht company) and the buyer would be shown all those records, but as stated the purchase prices is 'less then two years annual profit' and then you have the good-will and 5 million in movable assets! 

Most restaurant business work on a 1/3rd rule of thumb (1/3 for product costs, 1/3 for overheads, 1/3 for profit) but taxes and staffing costs a little lower here and you have income from the guesthouse of nearly 3 million baht which is generally more profitable over-all (17 rooms). 

 

https://www.bahtsold.com/view/profitable-established-turn-key-restaurants-17-room-guesthouse-369636

Edited August 24, 2019 by steak&co

[VLG]

On 24/08/2019 at 16:29, steak&co said:

Haha next comes the comments ' why sell then'   There's a number of reasons..... including I personally need a change of direction. 

It's commendable that you have been involved in this business since 2011, keeping it up with the times and making sure standards don't slip too much. 

Thanks for giving us these good establishments, especially the guesthouse operation (one of the very best for Quality/THB in Pattaya). 

All the best for your future endeavours and your new direction. Going to spend much more of your time in your main business in China? 

[TWD]

A TWD member dropped by for breakfast...

Quote

Had an absolutely belter of a breakfast this morning. From the moment of arriving, with such a warm friendly welcome from “Pim”, who is a real asset to the business, to the quality on the plate, first class! The great English breakfast (B295), I’m guessing these are Sloan cumberlands & sloanes back bacon, really superb!  There’s a bread buffet included so you can toast your own, I’m trying to abstain hence no toast in my photo. Freshly squeezed OJ was a pleasant surprise. Highly recommended from a first timer but certainly not a last timer! Well done team SJ.

 

[Taa_Saparot]

Spotted on Facebook:

End of an era, as Smokin' Joe's and Steak & Co change hands. Sold to a Korean/Japanese venture. Former owner Ian has taken out a lease on a Lengkee unit (photo), to be converted to a Western-style Chinese restaurant and takeaway, with delivery of course, under the 'Hungry Panda' name, and is looking at other potential investments around town. Good to see some money is still being spent in Pattaya and in Lengkee, which has been suffering of late..

EDIT - just to make it clear, SJ’s and S&C are NOT closing, as far as anyone knows so far it’s carrying on as normal under the new owners...

[TWD]

6 hours ago, Taa_Saparot said:

Spotted on Facebook:

End of an era, as Smokin' Joe's and Steak & Co change hands. Sold to a Korean/Japanese venture. Former owner Ian has taken out a lease on a Lengkee unit (photo), to be converted to a Western-style Chinese restaurant and takeaway, with delivery of course, under the 'Hungry Panda' name, and is looking at other potential investments around town. Good to see some money is still being spent in Pattaya and in Lengkee, which has been suffering of late..

EDIT - just to make it clear, SJ’s and S&C are NOT closing, as far as anyone knows so far it’s carrying on as normal under the new owners...

Well spotted ;)

[wadman]

9 hours ago, Taa_Saparot said:

Spotted on Facebook:

End of an era, as Smokin' Joe's and Steak & Co change hands. Sold to a Korean/Japanese venture. Former owner Ian has taken out a lease on a Lengkee unit (photo), to be converted to a Western-style Chinese restaurant and takeaway, with delivery of course, under the 'Hungry Panda' name, and is looking at other potential investments around town. Good to see some money is still being spent in Pattaya and in Lengkee, which has been suffering of late..

EDIT - just to make it clear, SJ’s and S&C are NOT closing, as far as anyone knows so far it’s carrying on as normal under the new owners...

So the Koreans/Japanese will be doing Falang food, and the Falang will be doing Chinese food.

[Petesie]

We've been to Steak 'n Co for our go to steak house & Crimbo meal for the last 3 years, always enjoyed the excellent food and friendly staff.

Not today; the meal took 55 minutes to reach our table and it had been reheated. The meat was tough and no white turkey meat in sight, gravy was cold & tasteless too. The staff who are usually efficient were dithering and no-one seemed in charge. The restaurant was not busy either.

It brings me no joy to report this as we were looking forward to their usual excellent fare. I hope this is just a transitional glitch.

[jimboh]

Was it Joes or Steak n  Co you went for Xmas dinner?

[Petesie]

3 hours ago, jimboh said:

Was it Joes or Steak n  Co you went for Xmas dinner?

Steak n Co.