Newsagents With HND In Stamford Lincs For Sale

Business description

Compact lock up shop in great trading position in centre of residential area just outside town centre. Weekly sales in region of £8,000 plus HND. Low rent of £4,440 per year. Currently management run but would ideally suit owner operator.

Property information

Property:

Leasehold

Location:

LOCATION:
The shop occupies a good trading position in the centre of a heavily populated residential area close to the town centre of Stamford.

BUSINESS:
This trades as a newsagent retailing a range of newspapers, magazines, cigarettes and tobacco with the addition of confectionery, snacks, cold drinks and confectionery gifts.
The shop also provides Home News Delivery and is a PayPoint agent.

BUSINESS PREMISES:
(all sizes are approximate and should be considered 'nominal'.)
The property is single storey and occupies a corner position on a residential street. The retail area is equipped with wall mounted magazine display unit, confectionery display shelving, upright cold drinks display chillers, counter, PayPoint terminal and wall mounted cigarette gantry. There is adequate storage space located adjacent to the retail area.
Note:
Where items of equipment and appliances are mentioned, no warranty is given or implied as to their operational condition.

TENURE:
This is a leasehold opportunity and the current lease is for a term of 5 years which commenced May 2008. It expires in 2013 but is within the LTA 1954 and as such renewal rights apply. The current rent payable is £4,440 per year. Please be aware that the landlord will require references to support your application for tenancy and may request a rent deposit of between 3 and 6 months.

RATES:
We are advised that the rateable value for the premises for the year 2011/12 is £2,325 and that the rates payable are £1,007 for the same period.
NOTE:
It is recommended that potential buyers make their own enquiries through the local authority to check whether the rateable value remains correct and whether the rates payable will be the figure quoted above.

TRADE:
Accounts for 12 months ending July 2011 show a turnover of £459,750 and a GP of 20%. Detailed figures are attached to these particulars.
Please note that if a business is VAT registered, all figures are net of VAT.

HOURS:
Monday to Saturday: 6.30am to 6.00pm
Sunday: 6.30am to 1.00pm

STAFF:
This shop is one of many owned by a large company and as such is management run. There are currently 5 sales assistants employed who work a total of 74 hours plus a self-employed manager who works as required. In our opinion this business would ideally suit and owner operator in which case the wage bill could be reduced and the profits available to the owner increased.

STOCK:
The vendor informs us that the value of the stock is approximately £26,000.

LEGAL FEES:
Vendors and Buyers each to meet their own legal costs, but if a lease is to be assigned from the vendor to the buyer they will also be expected to share the landlord's legal costs on a 50/50 basis. If a buyer wishes to negotiate a 'new' lease, they will be responsible for all the landlord's legal costs.

COMMENTS:
1. National Lottery and other agencies
The transfer of a National Lottery agency or any other agency are at the sole discretion of those operators. In some instances a transfer could incur the payment of a "bond" or deposit to the agency confirmed.

2. Deposits
Successful bidders are to pay a non-refundable deposit to Adams and Co of £4,000 which will be offset on completion of purchase against the purchase price. In the event the purchaser reneges on the agreed terms and conditions of a sale and purchase, the deposit will be forfeited. In the unlikely event the vendor withdraws, the deposit will be repaid in full.

3. Timescale
The sale and purchase of the subject businesses will be on a Subject to Contract basis. Time will be of the essence, insofar as proposed purchasers will be required to enter into a contract, albeit conditional upon landlord's consent and within a maximum of 21 days from the date that draft documents are received by their solicitors. Proposed purchasers should ensure that their solicitors are made aware of this condition of sale and are capable of dealing with the vendor's standard form of contract within the required timescale.

4. Trade fixtures, fittings and equipment
The business is offered for sale as going concerns to include most of the fixtures, fittings and equipment. However, any scanning system/tills will NOT be included in any proposed sale. The home news delivery (HND) computers (where applicable) can be included, but are subject to separate negotiation. In the event that a purchaser does not require a computerised HND system, the vendor will provide a list of delivery customers and debtors and it will be the purchaser's responsibility to acquire and install a manual system. Inventories will be made available once sales have been agreed. In addition to items owned by the vendor and included in the proposed sales, these inventories will also include items that are the property of suppliers and/or manufacturers and proposed purchasers should make their
own enquiries with regard to the continuing use of these items.