Leasehold Oriental Goods And Food Store In Norwich For Sale

Business description

The particular highlights of the business are:
- A well established business.
- Good loyal clientele.
- Fully equipped business with favorable lease terms (see below).
- Turnover in excess of £100,000 with a net profit of £20,000 (see financial summary below).
- A business with great potential.
- An easily run operation.
- Good loyal well trained staff.
- A good first time buyers business and an ideal purchase for a husband and wife team.
- Low rent and rates.
- Very low overheads.
- A niche concern with very little competition.
- Business enjoys superb local reputation.
- The concern provides oriental food and drink, including cookware, plates, bowls and utensils, also offering a wide range of traditional clothing, art work, and oriental ornaments.

History
Phoenix Business Transfer Agents are delighted to place onto the market this Leasehold Oriental Goods & Food Store which has been established since 2005. The business has been in the hands of the current owner since 2008 and he now wishes to sell because he requires more time to complete his educational commitments.

Services
This very good business opportunity provides oriental food and drink, including cookware, plates, bowls and utensils, also offering a wide range of traditional clothing, art work, and oriental ornaments.

Staffing
The concern employs 2 part-time casual workers.

Owners Role
The owner is involved in the day to day running of the business.



Marketing
No marketing or promoting of the business has recently been undertaken as the business is well known and has a successful website with e-commerce.

Competition
There is no local competition.

Market
The client base consists of a wide range of customers from within the large catchment area of Norwich.

Opportunities
The concern has huge potential. In particular the turnover and profits can be increased by:
• Increasing the marketing activity with direct mailings including local and internet advertising.
• Becoming more efficient with staffing levels.
• Increase the opening hours to include earlier opening between 9.00 am and 11.00 am.
• Working more hands on hours and saving on wages.
• 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.

Financial Details
The present annual turnover is £102,000 with a gross profit of 60% and a net profit of £20,000.
The wages are £5.50per hour. The present value of the stock is £3,000.
The potential turnover of the business within the next 2 years is forecast to reach £145,000 pa 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 Phoenix 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. Phoenix will not be held liable for any inaccuracies in these figures or any other statements contained in relation to this business.

Disclaimer
These details do not constitute part of an offer or contract.
The statements and descriptions given are made without warranties by Phoenix Business Agents Limited who it should be noted have NOT verified the information provided.
Purchasers should in all cases undertake financial due diligence using their own professional advisors before committing themselves in contract rather than relying on illustrations ,figures and information given on behalf of the seller.

Property information

Property:

Leasehold

Lease terms:

The original length of the lease was 5 years with 2 years remaining. The rent is £13,000 pa with a review in 2013. The lease may be renewable or negotiable for longer term if required. The rates are £3,130.

Leasehold rent:

£13,000 per annum

Location:

- Situated in the quaint St. John Madder Market area of the Town Centre in Norwich.
- Part of a parade of shops.
- Excellent parking facilities nearby.
- Surrounded by a densely populated residential area with schools and other local amenities.
- High levels of passing trade.
- Good volumes of pedestrian flow.
- A commercially thriving area.
- Well linked with the A147, A1074 and A11.
- Great Yarmouth, Cromer and The Norfolk Broads all lie close by.
- Area enjoying much growth and re generation.
- A lifestyle area.
- Excellent local demographics for this type of area.

Premises details:

The property is terraced, part of a parade of shops and is approximately 260 sq ft. The front is branded with an attractive glass front. There is a CCTV system. The main customer service area is wooden laminate with middle aisles, shelving and racking to the walls. It is very well presented and is very conveniently laid out.

There is a toilet and staff facilities.

First Floor
On the first floor there is a storage area approximately 260 sq ft.

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 including local and internet advertising.
• Becoming more efficient with staffing levels.
• Increase the opening hours to include earlier opening between 9.00 am and 11.00 am.
• Working more hands on hours and saving on wages.
• With an enhanced website.

Competition / Market:

There is no local competition.

Reasons for selling:

he requires more time to complete his educational commitments

Trading hours:

Monday to Sunday: 11.00 am - 6.30 pm.

Employees:

The concern employs 2 part-time casual workers.

Years established:

established since 2005.

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.

Furniture / Fixtures value:

£4,500 (included in the asking price)