Seafood restaurant in Cornwall looking for new owner

Situated in the town’s historic fishing quarter, the Mermaid Seafood Restaurant is one of the area’s oldest and most popular establishments. With its wood-panelled rooms, church pews, and walls decorated with fishing nets and photos, the restaurant has long been a beloved fixture of the St Ives in Cornwall dining scene.

This family-run business is on the lookout for a new owner (Image: Fleurets) The Mermaid has been a family business for more than four decades, first run by the current owner, Matthew Smith, and his parents. Matthew and his wife, Roz, took over the helm 22 years ago.

The property is located just steps from Porthmeor Beach, occupying an attractive former cottage at the end of a terrace on Fish Street, which connects to Back Road East at its northern end. The two-story stone building was converted to house a ground-floor restaurant with a flat above.

The bar area (Image: Fleurets) Now, the restaurant is on the market, offering an exciting opportunity for restaurateurs looking to continue its success. With an extensive menu featuring locally caught seafood, alongside locally sourced farm meats and poultry, and a curated wine list, the Mermaid has long been a staple in St Ives.

Current owners, Matthew and Roz Smith, who have continued the family business as a husband-and-wife team for the past two decades, say they are ready for a “new chapter.”

“After some incredible years, we’re ready for the next chapter,” they said.

“The Mermaid has been a beloved institution in St Ives, and it’s been a privilege to serve the local community and our visitors.

“This is a fantastic opportunity for new owners to take the reins of one of the town’s oldest and most successful restaurants.”

The restaurant interior (Image: Fleurets) Nick Fisher, Senior Associate at Fleurets, the firm handling the sale, commented: “Matthew and Roz have created something truly special with the Mermaid, establishing it as a cornerstone of St Ives’ dining scene.

“For over 40 years, they have built a reputation for offering fresh, locally sourced seafood and exceptional hospitality.”

The restaurant is situated in the town’s historic fishing quarter (Image: Fleurets) The leasehold interest of this prime location is now available, with a 21-year lease beginning in April 2023.

The current rent is £30,000 per annum, subject to review every four years, with the next review scheduled for April 2027.

For further information, visit the listing or to arrange a viewing, please contact Fleurets at west@fleurets.com or call 0117 923 8090, or Joint Agent Sally French from SF Commercial on 07772 50166.