Business description

EXCELLENT FABRIC RETAILER WITH IN-HOUSE COFFEE SHOP Established by the current vendors in excess of twenty-seven years and moved into the current location nine years ago, the business primarily sells a full range of fabrics, furnishings, and haberdashery, however during refurbishment during 2005 an in-house coffee shop selling coffee, cakes and sandwiches, was added. Customers from within a ten mile radius visit the business on a regular basis due to the high level of choice and excellent service given. Currently the business is mainly staff run with the vendor attending the shop when possible. TENURE: Leasehold Potential: As the business is currently mainly run under management we would expect the turnover to substantially increase if run by an owner worker. Turnover: Accounts will show a turnover in excess of £250,000 with a gross profit of 50% plus for the year ending 31st August 2006. This does not include the turnover from the coffee shop which is between £1,200 to £1,400 per week with a gross profit of approximately 65%. The coffee shop is currently run independently by a family member. Turnover has increased from £154,000 in 2004 to £174,000 in 2005 and then to the even higher 2006 figures. We are informed that this years income is expected to be in excess of £300,000 not including the coffee shop takings. Accommodation: Self contained flat with entrance at the rear of the premises. Totally redecorated with new kitchen and bathroom fitted. Two bedrooms and large lounge. Central heating throughout. Stock: To be purchased at valuation: approximately £120,000. However this can be reduced and still run the business as normal if necessary.

Property information

Property:

Leasehold

Lease terms:

Tenure: We are informed that the shop was two units both let under the same landlord. One has a lease until 2018 and the other 2015. Both are renewable under the landlords and tenants act. Current rent of £20,000 pa and £14,000 respectively including the flat which should be able to be let for at least £8,500 pa.

Location:

Property: Approximately 2,800 sq ft sales area with separate store room, office and staff room.

Other information

Reasons for selling:

The vendors now live abroad and do not wish to keep travelling back and forth.

Trading hours:

9.00 am to 5.30 PM Monday to Saturday.