Leasehold & Established Hardware Store In Bognor Regis For Sale

Business description

Business Details
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 £90,000 with a net profit of £30,420 (see financial summary below).
- A business with great potential which has not been exploited due to the business partners ill health.
- An easily run operation.
- A good first time buyers business and ideal purchase for a couple or partnership.
- Low rent and rates.
- Very low overheads.
- A niche concern with very little competition.
- Business enjoys superb local reputation.
- The concern provides general hardware, gardening equipment, seeds and BBQ’s, key cutting, household goods, camping gas, interior and exterior cleaning goods.

History
Phoenix Business Transfer Agents are delighted to place onto the market this Leasehold & Established Hardware Store in Bognor Regis which has been established since the 1930’s. The business has been in the hands of the current owner since 2001 and he now wishes to sell due to retirement.

Services
This very good business opportunity provides general hardware, gardening equipment, seeds and BBQ’s, key cutting, household goods, camping gas, interior and exterior cleaning goods.

Staffing
The concern employs no staff and is a family run operation.

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.

Competition
There is no local competition.

Market
The client base consists of local residents and seasonal holiday makers.

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.
• Increasing the opening hours to include Sunday trading.
• Increasing the product line to include plants, compost and other gardening accessories. There is ample space in front of the store to cater for a wide range of plants and gardening products.
• With the introduction of a website and e-commerce.

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, part of a parade of shops and is approximately 1000 sq ft. The front is branded with an attractive glass front. The main customer service area is carpeted with a middle aisle, shelving and racking to the walls. It is very well presented and is very conveniently laid out.

To the rear is a store room. There is a toilet and staff facilities.

External
To the rear there is a back yard with a side access currently utilised for storing camping gas.

Equipment with sale
All fixtures, fittings and equipment are included in the sale price and are valued at £7,500.

Financial Details
The present annual turnover is £93,600 with a gross profit of 60% and a net profit of £30,420. The present value of the stock is £50,000.
The potential turnover of the business within the next 2 years is forecast to reach £150,000 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 15 years with 10 years remaining. The rent is £8,000 pa. The lease may be renewable or negotiable for longer term if required.

Leasehold rent:

£8,000 pa per annum

Location:

- Situated in Bognor Regis area of West Sussex.
- Prominent location on a main arterial road.
- Part of a parade of shops.
- Excellent free parking facilities in front of the store.
- Surrounded by a well populated residential area with schools and other local amenities.
- High levels of passing trade.
- Good volumes of traffic and pedestrian flow.
- A commercially thriving area.
- Well linked with the B1266, A259 and A27.
- Chichester, Littlehampton and Portsmouth all lie close by.
- 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 1000 sq ft. The front is branded with an attractive glass front. The main customer service area is carpeted with a middle aisle, shelving and racking to the walls. It is very well presented and is very conveniently laid out.

To the rear is a store room. There is a toilet and staff facilities.

External
To the rear there is a back yard with a side access currently utilised for storing camping gas.

Size in square feet:

1000 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.
• Increasing the opening hours to include Sunday trading.
• Increasing the product line to include plants, compost and other gardening accessories. There is ample space in front of the store to cater for a wide range of plants and gardening products.
• With the introduction of a website and e-commerce.

Competition / Market:

There is no local competition.

Reasons for selling:

Owner wishes to sell due to retirement.

Trading hours:

Monday to Saturday: 9.00 am – 5.00 pm.
Sunday: Closed.

Employees:

The concern employs no staff and is a family run operation.

Years established:

Established since the 1930’s.

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:

£7,500 (included in the asking price)

Inventory / Stock value:

£50,000