Buy a Restaurant in Romania
Restaurant · bar · café · fast food · catering · F&B business acquisition
Romania’s food and beverage (HoReCa) market has grown significantly — driven by a young, urban consumer base with strong appetite for dining out, a booming café culture in Bucharest and Cluj-Napoca, and growing international tourism creating demand for quality restaurants across all major cities. For foreign operators and investors, Romania offers a compelling combination: lower entry prices than Western Europe, lower operating costs (labour, rent, ingredients) and an underserved market for quality, branded F&B concepts.
Romania For Business SRL assists buyers in acquiring restaurants, bars, cafés, fast-food outlets and other F&B businesses in Romania — covering the full acquisition from business shortlisting through financial due diligence, licence transfer, lease negotiation and post-acquisition setup. Whether you are buying an existing business with its customer base and OTA presence, or taking over a fitted-out space to re-concept, our team manages the process in English.
A restaurant acquisition in Romania requires three parallel streams of due diligence: the financials (revenue, margins, ANAF-filed accounts), the operations (licences, staff, equipment, supplier contracts) and the lease (remaining term, rent review, break clauses, landlord assignment consent). Many buyers focus on the physical premises and underestimate the importance of reviewing the lease — which is typically the restaurant’s most valuable asset and most significant liability.
Acquisition Structures — What You Are Actually Buying
Restaurant acquisitions in Romania can be structured in different ways depending on whether the premises are owned or leased, and whether the buyer is acquiring the business assets or the operating company. Understanding the structure is essential before any due diligence is carried out.
| Structure | What it means and when it applies |
|---|---|
| Asset purchase — leasehold business (most common) | The buyer purchases the business assets — equipment, fit-out, furniture, brand name, website, social media accounts, goodwill (customer base, reputation) — and takes over the lease from the existing tenant (by lease assignment or novation). The buyer does NOT purchase the building — it is rented from the property owner. This is the most common structure for Romanian restaurant acquisitions. The lease assignment requires the landlord’s written consent. |
| Asset purchase — freehold premises | The buyer purchases both the business assets AND the building — through a notarised property deed. Less common for restaurants (most are in rented commercial premises) but applicable for standalone restaurant buildings, rural properties and owner-operated restaurants where the seller owns the building. Subject to full real estate due diligence (ANCPI, building permits, etc.) in addition to the business due diligence. |
| Share purchase — buying the operating company | The buyer purchases the shares (or the entire company) that operates the restaurant — acquiring all assets and liabilities including the business lease, staff contracts, ANAF history, supplier debts and any regulatory issues. Preserves operational continuity (OTA accounts, Google rating, delivery platform position) but transfers all historical liabilities. Requires the most thorough due diligence — particularly on ANAF debts and unreported revenue. |
| New lease — fit-out takeover (turnkey) | The buyer takes over a fully fitted-out restaurant space from a previous operator who is closing — signing a fresh lease with the landlord rather than assigning the existing one. The buyer typically pays a lower price (just for the fit-out and equipment) but starts with a clean business slate. The advantage: no legacy liabilities. The risk: the landlord’s new lease terms may be less favourable than the previous tenant’s. |
How Romanian Restaurants Are Valued
Restaurant valuations in Romania use two primary approaches — asset-based and income-based — and the applicable method depends on the acquisition structure and the business’s track record.
| Valuation approach | How it works and when it applies |
|---|---|
| Goodwill / income-based valuation | For businesses with a verifiable trading history — the buyer pays a multiple of the Seller’s Discretionary Earnings (SDE) or EBITDA. Typical multiples for Romanian restaurants: 1.5–3× SDE for small cafés and bars; 2–4× EBITDA for established restaurants with strong revenue. The challenge in Romania: many restaurants have a significant gap between reported revenues (ANAF-filed) and actual revenues (cash sales not declared). We identify this gap in due diligence. |
| Asset-based valuation | For businesses with limited or unverifiable trading history — the buyer values the physical assets: kitchen equipment, bar equipment, furniture, fit-out, POS systems. A restaurant with €50,000 of equipment might sell for €30,000–40,000 asset value plus a goodwill premium if the location and concept have value. |
| Lease premium (chirie / cheie) | In prime commercial locations (Bucharest old town, Cluj Unirii, Brașov Piața Sfatului), the lease itself has significant value — a business may command a ‘key money’ (chirie sau cheie) premium purely for the right to take over the lease in a high-footfall location. This premium is paid to the outgoing tenant and is separate from the equipment/goodwill. |
| Fit-out replacement cost | For turnkey fit-out takeovers: the buyer pays a fraction of the cost of the fit-out (typically 30%–60% of replacement cost, depending on age and condition). A restaurant with a €100,000 fit-out might be acquired for €30,000–60,000 — paying purely for the physical kit, in a good location with a favourable landlord. |
A significant proportion of Romanian restaurants and bars report lower revenues to ANAF than they actually generate — using cash sales to reduce taxable income. This creates a ‘cash gap’ between ANAF-filed revenues and actual revenues. For buyers, this creates two risks: (1) if buying via share purchase, the unregistered revenues may indicate unreported tax liabilities that transfer with the company; (2) if the seller argues the actual revenues are higher to justify a higher price, the buyer cannot verify this without independent evidence. Romania For Business SRL analyses both ANAF-filed and independently assessed revenue in our financial due diligence.
Restaurant Due Diligence — What We Check
Restaurant acquisitions require three parallel streams of due diligence — and all three must be completed before any preliminary agreement is signed. Romania For Business SRL coordinates all three in a single integrated engagement.
Stream 1 — Financial Due Diligence
| Financial check | What we review |
|---|---|
| 3-year ANAF-filed accounts | We review the last 3 years of accounts filed with ANAF — comparing revenues, cost of goods, labour costs, rent, and net profit. We identify any discrepancies between periods, any unusual expense patterns, and the overall profitability trend. |
| Revenue analysis — ANAF vs actual | We cross-reference ANAF-filed revenues with independent evidence: delivery platform statements (Glovo, Bolt Food, Tazz), credit card terminal reports, POS system data and social media activity. The gap between ANAF-reported and actual revenues determines the verifiable earnings base for valuation. |
| ANAF clearance check | We obtain confirmation that the operating company (for share deals) has no outstanding ANAF debts — no unpaid VAT, payroll tax, social contributions, fines or interest. Outstanding ANAF debts in a share purchase transfer to the buyer and must be settled. |
| Rent and occupancy cost review | We confirm the current monthly rent, service charge, maintenance obligations and any other occupancy costs. We assess the rent-to-revenue ratio — a key indicator of the restaurant’s operational margin and affordability of the location. |
| Working capital and creditors | For share purchases: we review the outstanding debts to suppliers, the payment terms in place, and whether any suppliers have unpaid balances that might stop delivery. We assess whether the working capital position is sustainable at the point of acquisition. |
Stream 2 — Operational and Licence Due Diligence
| Operational check | What we review |
|---|---|
| Operating authorisation (autorizație de funcționare) | Confirmation that the restaurant holds a valid operating authorisation from the local Primărie — authorising the specific premises for the specific commercial activity (restaurant, bar, café, etc.). Must be current and transferable. |
| Food safety registration (ANSVSA) | Confirmation that the premises are registered with ANSVSA (Autoritatea Națională Sanitară Veterinară și pentru Siguranța Alimentelor) for food safety compliance. The registration is premises-specific and must be updated after ownership change. |
| Sanitary authorisation (aviz sanitar — DSP) | Current sanitary authorisation from the County Health Directorate (DSP). Required for all food-serving premises. Must be in force and must be re-applied for or transferred after ownership change. |
| Alcohol licence (autorizație alcool) | Confirmation of the current alcohol authorisation — valid, in the correct category (on-premises consumption) and covering the actual premises. Must be transferred or re-applied for after ownership change. Romania For Business SRL coordinates the transfer. |
| Fire safety permit (aviz ISU) | Current fire safety permit from ISU (Inspectoratul pentru Situații de Urgență). Fire safety certificates are periodic — we check the last inspection date and confirm current validity. |
| Equipment inventory and condition | A documented inventory of all kitchen equipment, refrigeration, bar equipment, POS systems and furniture — with estimated age and condition. We identify items nearing end-of-life that the buyer will need to replace. |
| Delivery platform accounts | Review of active delivery platform accounts (Glovo, Bolt Food, Tazz/FoodPanda) — confirming ratings, order volume, menu pricing and any exclusivity arrangements. Delivery platforms are often a significant revenue channel and their account status and ratings are a transferable business asset. |
| Staff contracts and payroll | Review of all employment contracts — roles, salaries, benefits, notice periods. Identification of any undeclared workers (negru — unreported employment), which transfers liability to the buyer in a share deal. |
Stream 3 — Lease Due Diligence
| Lease check | What we review — and why it matters |
|---|---|
| Remaining lease term | The remaining term on the lease is the single most critical factor in a leasehold restaurant acquisition. A restaurant with 8 years remaining on its lease is worth significantly more than the same business with 2 years remaining. We check the exact expiry date, any extension options and the notice period required to exercise them. |
| Rent review provisions | Romanian commercial leases often include annual rent reviews — linked to EUR/RON exchange rates, inflation indices or landlord discretion. We identify upcoming rent reviews and assess the impact of potential rent increases on the business’s margin. |
| Break clauses | We check whether the landlord (or the tenant) has break clause rights — and when they can be exercised. A break clause in the landlord’s favour within 2 years of acquisition is a significant business risk. |
| Assignment and subletting provisions | Can the lease be assigned to the buyer without the landlord’s consent, or does assignment require the landlord’s written approval? Most Romanian commercial leases require landlord consent for assignment. We review the assignment conditions and negotiate with the landlord before the acquisition completes. |
| Permitted use clause | Does the lease permit the specific use the buyer intends — e.g. a full restaurant, or only a café? Some commercial leases restrict the type of food service permitted. We confirm that the intended use is within the lease’s permitted use clause. |
| Security deposit and guarantees | What is the amount of the security deposit held by the landlord? Are there any personal guarantees from the current tenant that the buyer would need to replace? We review all security arrangements as part of the lease review. |
Licences and Permits — What Must Be Transferred or Re-Applied for
Every Romanian restaurant operates under several licences and permits that are tied to the specific business entity and/or premises. After an acquisition — whether asset or share — these must be carefully managed to ensure uninterrupted legal operation.
| Licence / permit | Transfer or re-apply? | What happens after acquisition |
|---|---|---|
| Operating authorisation (autorizație de funcționare) | Re-apply (asset deal) / Notify (share deal) | For an asset deal: the new operating entity must apply to the local Primărie for a new operating authorisation before opening. For a share deal: the existing authorisation may continue — the Primărie should be notified of the change of ownership. |
| Alcohol licence (autorizație alcool) | Re-apply (asset deal) / Transfer (share deal) | For an asset deal: a new alcohol authorisation must be obtained by the new operating entity from the local Primărie before alcohol can be served. Romania For Business SRL coordinates this application. For share deals: the existing authorisation typically continues with the company. |
| Food safety (ANSVSA) | Update required | The ANSVSA registration is linked to both the premises and the operating entity. After an asset deal, a new registration must be submitted. After a share deal, the company details must be updated with ANSVSA. |
| Sanitary authorisation (DSP) | Re-apply (asset deal) / Notify (share deal) | The County Health Directorate (DSP) must be notified of the change in operator after a share deal. For an asset deal, a fresh sanitary authorisation must be obtained before operations resume. |
| Fire safety permit (aviz ISU) | Confirm validity / update if expired | The fire safety permit runs with the premises, not the operator — so a valid permit typically continues after an ownership change. However, if the permit is close to expiry, it should be renewed as part of the post-acquisition setup. |
| VAT registration (if applicable) | New registration (asset deal) / Continues (share deal) | For asset deals where the new entity is not already VAT-registered: if the restaurant’s annual turnover exceeds the VAT threshold (RON 395,000), VAT registration must be obtained before trading. For share deals: the existing VAT registration continues with the company. |
Restaurant Acquisition Process — Step by Step
Romania For Business SRL manages the complete restaurant acquisition process — from shortlisting through due diligence, lease negotiation, licence transfer and post-acquisition setup. The process is structured to avoid the gaps that typically cause problems: undiscovered ANAF debts, unreviewed lease terms, and unexpected licence transfer delays.
Buyer brief & market overview
Restaurant shortlist
NDA + initial financials
3-stream due diligence
Valuation & offer
Lease negotiation
SPA / lease assignment signed
Licence transfer & handover
| Stage | What happens |
|---|---|
| 1. Buyer brief | We establish the buyer’s concept, target location, size (covers), budget (total acquisition including working capital), preferred structure (leasehold/freehold, asset/share) and preferred areas (Bucharest, Cluj, Timișoara, tourist areas, etc.). |
| 2. Shortlist | We identify suitable businesses from our network of business brokers, direct contacts and available listings. For each shortlisted business we prepare a brief summary — location, concept, size, asking price, indicative financials and our initial assessment. |
| 3. NDA and initial information | An NDA is signed before detailed financials are shared. We review the initial information pack — ANAF-filed accounts summary, rent amount, remaining lease term, equipment list and staff headcount. |
| 4. Three-stream due diligence | We conduct the financial due diligence (ANAF accounts, revenue verification, ANAF clearance, working capital), operational due diligence (all licences, equipment inventory, delivery platform status, staff contracts) and lease due diligence (remaining term, rent reviews, break clauses, assignment conditions) simultaneously. |
| 5. Valuation and offer | Based on due diligence findings, we advise on the appropriate offer price using the income-based, asset-based and lease-premium approaches — and flag any due diligence issues that justify a price reduction from the asking price. |
| 6. Lease negotiation | If the acquisition requires a lease assignment, we manage the negotiation with the landlord — seeking their consent to the assignment, agreeing any conditions (guarantee, updated rent terms) and ensuring the new lease terms are acceptable to the buyer before completion. |
| 7. Agreement signing | SPA (for asset or share deal) or lease assignment agreement reviewed and signed. For share deals: ONRC shareholder register updated. For asset deals: equipment transfer agreement and bill of sale prepared. |
| 8. Post-acquisition setup | Licence transfer applications submitted (alcohol, ANSVSA, operating authorisation), ANAF notifications made (new company registration or change of operator), delivery platform accounts transferred, staff formally re-engaged under new ownership, and accounting setup completed. |
Pricing — Restaurant Acquisition Service in Romania
Restaurant acquisition fees reflect the business due diligence, lease review and licence transfer coordination involved — in addition to the standard real estate steps where a freehold element is present. Fees are scaled by the size and complexity of the acquisition.
RESTAURANT ACQUISITION SERVICE — ROMANIA
buyer service fee
RESTAURANT ACQUISITION SERVICE INCLUDES:
- Buyer brief — concept, location, size, budget and asset vs share deal preference
- Market overview and restaurant shortlist — sourced from our F&B network
- ANCPI Carte Funciară check — if premises owned (not leased)
- Premises lease review — term, rent, renewal options, break clauses (if leasehold)
- Business due diligence — revenue, margins, ANAF-filed accounts, ANAF clearance
- Licence and permit audit — operating authorisation, alcohol licence, food safety
- Equipment and fit-out inventory — age, condition and replacement cost assessment
- Staff review — employment contracts, payroll, notice periods
- SPA / lease assignment legal review — English translation and advice
- Alcohol licence transfer coordination
- Food safety (ANSVSA) registration update
- Post-acquisition setup — accounting, tax registration, ANAF notifications
FEE SCHEDULE — RESTAURANT ACQUISITION
- Small café / bar / fast food acquisition (leasehold) from €2,500
- Mid-size restaurant acquisition (leasehold, 30–80 covers) from €3,500
- Large restaurant / venue acquisition (freehold or large lease) from €5,000
- Business due diligence only — financials + ANAF + licences from €1,200
- Lease assignment review and negotiation from €600
- SPA / share purchase agreement review (English) from €800
- Alcohol licence and ANSVSA transfer coordination from €500
- Notary fees (if freehold element — separate) ~0.5–1% of property value