Mens Hairdressing Salon In Worthing West Sussex Reduced For Sale

Business description

The particular highlights of the business are:
- The owner may be prepared to accept staggered payments for the business, enabling the buyer to pay from profits although a lump sum sale would be more favorably considered.
- Ideally located concern offering excellent lifestyle.
- A well established business over 40yrs.
- Good loyal clientele.
- Fully equipped business with favorable lease terms (see below).
- Turnover in excess of £43,000 pa with a net profit of £26,109. (See financial summary below). This is very impressive considering the credit crunch.
- A business with great potential which has not been exploited because the vendor is approaching retirement
- An easily run operation.
- Good loyal well trained staff.
- A good first time buyers business.

History
Phoenix Business Transfer Agents are delighted to place onto the market this Mens Hair Salon which has been established since1972. The business has been in the hands of the current owner since 1972 and he now wishes to sell due to retirement.

Services
This very good business opportunity provides hairdressing services to both men and women with two work stations.

Owners Role
The owners’ role is very hands on and he works full time on an appointment only basis and has a full diary at all times.

Marketing
At present the owner does not do any marketing.

Competition
As far as competition is concerned there is very little competition of note.

Market
The client base consists of a loyal and sizeable clientele

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 Sundays and late nights.
• Increasing the product line to include ladies hairdressing.
• Becoming more efficient with staffing levels e.g.: employing a younger stylist.
• Promote add on sales of styling 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.


The present turnover is £43,589 per annum and a net profit of £26,109. The present value of the stock is £650.00
The potential turnover of the business within the next 2 years is forecast to reach £63,000 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 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 lease has 6 years remaining. The rent is £7,360 pa with a review in 3 years. The lease may be renewable or negotiable for longer term if required. The rates are nil.

Leasehold rent:

£7360pa per annum

Living accommodation:

On the first floor there is a 3 bedroom flat.

Location:

- Situated in Worthing area of West Sussex
- Prominent location on main arterial road.
- Excellent parking facilities nearby.
- Close to shopping precinct.
- Regeneration area
- Surrounded by well populated residential area 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 A27, A284 and good railway links.

Premises details:

The property is terraced and is part of a parade of shops and is approximately 12ft x 12 ft. The front is branded with an attractive glass front. The main customer service area is wooden floored with two work stations, mirrors and shelving. It is very well presented and is very conveniently laid out.

First Floor
On the first floor there is a 3 bedroom flat.

External
To the front there is a small paved area.
To the rear is a back entrance via an alley.

Size in square feet:

12ft x 12ft

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 Sundays and late nights.
• Increasing the product line to include ladies hairdressing.
• Becoming more efficient with staffing levels e.g.: employing a younger stylist.
• Promote add on sales of styling products.
• With the introduction of a website and e-commerce.

Competition / Market:

As far as competition is concerned there is very little competition of note.

Reasons for selling:

now wishes to sell due to retirement.

Trading hours:

Monday to Saturday: 8.00am to 6.30pm

Employees:

The owners’ role is very hands on and he works full time on an appointment only basis and has a full diary at all times.

Years established:

39 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.

Furniture / Fixtures value:

£10,000 (included in the asking price)

Inventory / Stock value:

£650