Name That Go-go

[keyboardwarrior]

"This prime Pattaya Go-Go Bar has been running successfully for approximately 18 months, and expected net profits for the current financial year stand at 20,000,000 baht, from expected receipts of 55,000,000 baht. Around 8,000,000 baht was lavished on assets and leasehold improvements at the time of inception, and the bar has a top notch location in the Walking Street area of the city. A very favourable reputation was quickly garnered, and the venue goes from strength to strength. Unique designs were utilised to provide customers with a fresh experience, and a new building, constructed to western standards, was chosen to host the bar. A long renewable lease was negotiated until 2020, with monthly rent of 75,000 baht being agreed upon (this must be paid annually, in advance, however). The owner has recently decided to try his hand at another unrelated business, and will therefore listen to offers. A large workforce of 120 employees has been fully trained, and they command a total wage outlay of 700,000 baht per month.Asking Price: 77,000,000.00"

I saw this whilst looking for business for sale online. This must be a big bar? Any ideas?

[Pattaya46]

Hummm....

Could this sale be relative to that : http://pattaya-times.com/a4833-police-crac...erated-sex-bars ?

[gotlost]

Maybe his pay out to the boys is to much.

[JohnC]

:D

[stolidfeline]

Looks like a good place to lose all your life savings.

[Spalpeen]

"A net profit of 20m baht on receipts of 55m baht". Who in their right mind, with 77m to spend, would believe that.

[Bel Mondo]

Interesting article in the Pattaya Times.

Question: Will this "historic" crackdown take place before or after the 101 illegal structures on the ocean side of Walking Street are demolished pursuant to the much-litigated order that was issued over 10 years ago?

Or perhaps the "work permits" of the Western Go-Go girls working on Walking Street will be amended to include the following: "Bar fines and short times shall not be allowed as part of your multi-lingual Hostess duties".

[Basil B]

Will they accept 50,000,000

Zimbabwe Dollars???

[sharecropper]

If that bar is on the sea side of Walking Street they must be crazy.

I cannot think of one "prime" bar which has been opened and established in the past 18 months that could command that price tag, or anythign near it. Insomnia maybe, but that's not really a go go is it.

It says it is in a new building which makes me think it might be Soho Graveyard - sorry, Square.

Who would stupid enough to buy a bar spouting these figures after only 18 months of operation?

[steelepulse]

The keyword being "expected".

[NanLaew]

The keywords are 'money laundering'

[dmax]

tell us which company is selling it then we can all avoid it in the future, is **** ? they tried to swindle me out of 3 million baht 4 years ago with a jet ski business on pattaya beach. i smelt a rat, i was very lucky and didnt buy it, afterwards i was told by one of the guys selling it that it was a scam and it was a guy vince who is now in oz was setting me up like a kipper.

if it sounds too good then dont touch it.

[dmax]

maybe its freehold on walking street.

[bellste]

I have to say that a net profit of 36,36% on the takings, is quite fantastic! 

My wife have two businesses, she had last year a net profit, after finicial cost and tax of between 3 and 4%. She will not sell, she is very happy with the financial results, and live well from it.

Then I wonder, why would somebody with a net profit of more than 30% sell? 

[Alwaysright]

The keywords are 'money laundering'

A fool and their money are soon parted.

[sharecropper]

maybe its freehold on walking street.

The ad says rent paid annually.

Dmax- if it sounds too good then dont touch it.

This definitely DOESN'T!

[Humphrey Bear]

maybe its freehold on walking street.

If it was a freehold property you would not be paying rent.

And neither would you, as a foreigner, be owning the freehold.

[Humphrey Bear]

If it has 120 employees, then there are only a very limited number of venues thgis could be - bar staff, waitresses, security would be no more than 25-30, door girls, street touts another 15. That leaves about 80 dancers and that is too many for most establishments that only have around 35-40.

So work out what large establishments have opened in the past 18 months.

And all that nonsense by Drew Noyes is his usual babble - the local plod cannot afford to close the sex-for-sale biusinesses, without giving up their homes, cars, mia noi(s) and so on. Their pay just don't run to it.

And without the P4P scene Pattaya would die in a season, as far as tourists are comcerned. Excepting only the Asian Package Tours, which woiuld survive for about three years. Then Pattaya would become the ideal place for Australia to house all the illegal immigrants that Indonesia is refusing.

[wotaplonker]

strewth 77,000.000 i believe thats approx £1.4 million (i must be in the wrong business) at present rate!!

my first thought was Secrets but it has been opended more than 18 months, its just i recall a post from the secrets own site saying it employed approx 120 people?

[Humphrey Bear]

strewth 77,000.000 i believe thats approx £1.4 million (i must be in the wrong business) at present rate!!

my first thought was Secrets but it has been opended more than 18 months, its just i recall a post from the secrets own site saying it employed approx 120 people?

But secrets would surely emphasise it's accommodation and so on?

Although I have heard rumours about it.

[Humphrey Bear]

I have to say that a net profit of 36,36% on the takings, is quite fantastic! 

My wife have two businesses, she had last year a net profit, after finicial cost and tax of between 3 and 4%. She will not sell, she is very happy with the financial results, and live well from it.

Then I wonder, why would somebody with a net profit of more than 30% sell? 

Rent and wages are around 10M baht - the income left is 45M - and if this is all derived from drinks and bar-fines, then with the normal 100% mark-up on drinks it is around the right figures. Don't know if he pays for the girls health checks, days off and so on. But he must pay some licences and other expenses that are not quoted. Taking in a million baht a week is very good going - every week of the year. Most big bars only do this for a few weeks in high season, most small bars couldn't do it in their wildest dreams.

And if the authorities see the advert, then there will be 15M worth of taxes and so on added every year.

[pattayamike]

In the Walking Street Area.....sounds like Angelwitch?

[Beardog]

If the joint nets that much I would be pressed to wonder why any fool would sell one of the few moneymakers in LOS. sounds like a setup looking for some newbie to be soon parted from their funds. If it was that easy we all would be on it!

[sharecropper]

I was out and about last night and had a nose around, and I believe it can only be Angelwitch., assuming the description is accurate.

By the way, I also saw Carousel is (publicly) for sale, the sign outside saying 14 mllion Baht, which is a bit more sensible.

I also understand that lease renewals are indeed causing problems down Soi Diamond and elsewhere, with owners looking for 1 million Baht more key money and many owners simply refusing, given profits in some are so marginal/non-existent.

[LennyW]

I was out and about last night and had a nose around, and I believe it can only be Angelwitch., assuming the description is accurate.

By the way, I also saw Carousel is (publicly) for sale, the sign outside saying 14 mllion Baht, which is a bit more sensible.

I also understand that lease renewals are indeed causing problems down Soi Diamond and elsewhere, with owners looking for 1 million Baht more key money and many owners simply refusing, given profits in some are so marginal/non-existent.

Angelwitch has been on the go for a lot longer than 18 months though??

[Ulysses G.]

I was out and about last night and had a nose around, and I believe it can only be Angelwitch.,

My guess too.

[jbaldwin]

I was out and about last night and had a nose around, and I believe it can only be Angelwitch.,

My guess too.

Angelwitch has been there for three or four years

Could it be Whats-up?

[aussiechick]

Could it be fictional? Maybe someone takes the bait and they are told "Sorry, that has an offer but we have ZYX which is much better yadyadayada"

Or do you believe that Real Estate agents would never dream of doing that?

[britmaveric]

Angelwitch is one of the few gogos back to the hilt every night. However yes its been for sale least a year or more.

[Phil Conners]

What's up is even older than Angelwitch. Perhaps Club Mistys across from Angelwitch? That's fairly big and has been there for about a year and a half.