10 year lease already signed and secured in the Land Register begins 1 Sept 2009 at 3000 euros per month for 500 sqmtrs.

Has won a Hoscar for 8th best in the world and is the only hostel in Riga to win month Top Ten awards in 2008 and 2009.

Previously operated as Argonaut Hostel for 5 years. Listed in Lonely Planet and has own website high on the first page of Google. Has been operating for nearly 6 months as Naughty Squirrel Hostel under temporary managers not able to meet terms of sale.

Running costs are around 60,000 Latvian Lats a year. Revenue has been around 150,000 LVL a year for 5 years. Additional floor added should take profits to just over 150,000 euros a year. There are no outstanding taxes to be paid. All bills are paid. There are no loans. There are no debts of any type.

Asking price is 150,000 euros.

Process of sale.

SIA Argonaut has one Director and all his share capital and rights to the company that holds the lease and owns a fully fitted hostel will transfer to the new company owner. Purchase capital to be placed in an Escrow account to be released to the seller on the condition that the company is transferred in to the buyers name.

REASON FOR SELLING.
Owner lives 200 km away and wants to spend time with new born twins and can not manage the hostel from a distance. Owner has other businesses that does not take him away from familiy that he wants to concentrate on.