Leasehold Hair Salon In Norwich For Sale

Business description

The particular highlights of the business are:
- The owner may be prepared to sell a percentage of the business to accelerate growth.
- Ideally located concern offering excellent lifestyle.
- A well established business.
- Good loyal clientele.
- Fully equipped business with favorable lease terms (see below).
- Turnover in excess of £45,000 with a net profit of £16,641. (See financial summary below). This is very impressive considering the credit crunch.
- A business with great potential which has not been exploited.
- An easily run operation.
- Good loyal well trained staff.
- A good first time buyers business.

History
Agents are delighted to place onto the market this excellent leasehold hair salon which has been established since1997. The business has been in the hands of the current owner since 2007 and he now wishes to sell or offer a percentage to form a partnership.

Services
This very good business opportunity provides high quality hairdressing services.

Staffing
The concern employs four staff. Two are full time and one is part time. All staff would stay on after a sale.

Owners Role
The owners’ role is hands on and he works five days per week

Marketing
The owner is not currently involved in any marketing activity and doesn’t have a website.


Competition
As far as competition is concerned there are a number of other salons in the city centre.

Market
The client base consists of many repeat customers as the salon is very well established.

Opportunities
The concern has huge potential. In particular the turnover and profits can be increased by:
• Increasing the marketing activity with direct mailings and local and internet advertising.
• Increasing the opening hours to include Sunday and Monday.
• Increasing the product line to include more branded beauty products.
• Becoming more efficient with staffing levels.
• Working more hands on hours and saving on wages.
• With the introduction of a website and e-commerce.
• With an enhanced website.

Training and Handover
The owner would be available for an extensive training and handover period for the benefit of the new owners if required. The Owner would also be happy for an on the job observation period to assess the business prior to offers being made.

Property Details
The property is terraced and is part of a parade of shops. The front is branded with an attractive building fascia with large windows on both floors. The main customer service area is tiled. There are customer toilets. .

Equipment with sale
All fixtures and fittings and equipment are included in the sale price.

First Floor
On the first floor there is the main reception and waiting room.

Second Floor
On the second floor there are the main salon and customer toilets.

Financial Details
The present turnover is £49,000 per annum with a net profit of £16,641. The present value of the stock is £300.
The potential turnover of the business within the next 2 years is forecast to reach £75,000 given the changes that are required to be made to the business. Full financial disclosure is available on request after viewings and the signing of a confidentiality agreement.
Please note we do not guarantee the accuracy of these figures which are in many cases estimated and are not verified. Please do not rely on the accuracy of these figures and seek professional help before making any offers. Broker will not be held liable for any inaccuracies in these figures or any other statements contained in relation to this business.

Property information

Property:

Leasehold

Lease terms:

The original length of the lease was 10 years with 8 years remaining. The rent is £6,904 pa with a review in 2013. The lease may be renewable or negotiable for longer term if required. The rates are £1,776.

Leasehold rent:

£6904 pa per annum

Location:

- Situated in the city centre area of Norwich
- Prominent location on main arterial road
- Part of a parade of shops
- Surrounded by a densely populated residential areas with schools and other local amenities.
- Area offers exceptional lifestyle
- Very good tourist trade
- High levels of passing trade
- Good volumes of traffic and pedestrian flow
- Commercially thriving area
- Well linked with the A11 and A147.

Premises details:

The property is terraced and is part of a parade of shops. The front is branded with an attractive building fascia with large windows on both floors. The main customer service area is tiled. There are customer toilets. .

Equipment with sale
All fixtures and fittings and equipment are included in the sale price.

First Floor
On the first floor there is the main reception and waiting room.

Second Floor
On the second floor there are the main salon and customer toilets.

Business Operation

Expansion potential:

The concern has huge potential. In particular the turnover and profits can be increased by:
• Increasing the marketing activity with direct mailings and local and internet advertising.
• Increasing the opening hours to include Sunday and Monday.
• Increasing the product line to include more branded beauty products.
• Becoming more efficient with staffing levels.
• Working more hands on hours and saving on wages.
• With the introduction of a website and e-commerce.
• With an enhanced website.

Competition / Market:

As far as competition is concerned there are a number of other salons in the city centre.

Trading hours:

Monday closed. Tuesday to Saturday 9am to 5.30pm. Thursday open late to 7pm. Sunday closed

Employees:

The concern employs four staff. Two are full time and one is part time. All staff would stay on after a sale.

Years established:

13 years

Other information

Support & training:

The owner would be available for an extensive training and handover period for the benefit of the new owners if required. The Owner would also be happy for an on the job observation period to assess the business prior to offers being made.