Asking price: £390,000

Sales revenue: £160,000

Net profit: Undisclosed

Fixtures value: Undisclosed

Stock value: Undisclosed

Business description
Freehold Retail Outlet Specializing in Beach and Yachting Shoes, Life Jackets and Buoyancy Aids

Established in 1860 and in its presnt position for the past 120 years the current Owners are the fifth generation of the founding family and the business has been under their stewardship for the past twenty years. Known traditionally as a shoe retailer and repairer, this business has developed its retail offering substantially over the years becoming a leading specialist in the retailing of yachting shoes. The business also has a range of clothing with the accent on French style, buoyancy aids and lifejackets. In addition it remains a major provider of shoe repairs and dry cleaning services.

In retail premises, deliberately maintained in an ‘olde world’ style, this business is ideally positioned for visiting yachtsmen, as well as tourists and locals alike in a very attractive village street just over two minutres walk to the local yacht club, the members of which consider this outlet as ‘their’ shop. This business occupies a prime location, close to other synergistic outlets, all of which bring high levels of footfall to the area.

This business is one of the top ten retail outlets in the country for Chatham Marine clothing one of the UK’s key marine clothing and footwear companies as well as being a key outlet for Orca Bay, stocking their range of deck shoes, boat shoes, sailing shoes, marine shoes, marine footwear, flip flops and sailing sandals as well as Sebago the world’s most recognised brand of American, casual footwear.

The cornerstone to the success of this business – and the reason it is one of the longest standing businesses still operating within its sector is its ability to provide good quality products at competitive prices with customer service ‘second to none’. As well as being attracted by the name – an ever present for 149 years, customers feel reassured they will almost always find what they want and as a consequence are very loyal always making this their first port of call and visiting competitive outlets only if this business hasn’t got what they want in stock. It also offers an extremely competitive repair service significantly undercutting the perhaps more accessible outlets of its customers many of which have second homes in the immediate vicinity of this outlet.

With turnover consistently ranging between £150,000 - £160,000 generating gross profits of approximately £70,000 and pre-tax net operating profits slightly in excess of £35,000 this represents an excellent opportunity to acquire a very well established retail outlet in an ideal location and should be particularly attractive to a yachting enthusiast considering a lifestyle related business opportunity.


Key strengths:

Having been in operation for nearly 150 years this is a very well established business with an excellent reputation for high levels of personal customer service. It is particularly well known for its wide range of beach and yachting shoes – and with good levels of stock always available is rarely in the position of not being able to sell to a customer. As a result customers – high net worth individuals in the main - remain very loyal to this business and are only tempted to go elsewhere when this business is out of stock of an item that is required immediately. The fact the business has been an ever-present in its location and such a well known name brings a stream of customers through the door.

For a company specialising in beach and yachting shoes and other nauticalia, this business is ideally located – prominently on the main shopping street High Street of a very attractive village within walking distance of one of the most prestigious yacht clubs in the area. The area in itself is an important centre for yachting being close to a busy sailing season of regattas and very popular and famous racing including Cowes Week in August.

Key opportunities:

There is an outstanding opportunity to build on the existing services and customer base of this business. With a strong demand for its products combined with a capacity to increase turnover, a new owner contributing fresh ideas, enthusiasm and motivation will have every advantage of building on an excellent platform.

The business could certainly leverage its well established and well known name by moving into mail order or through the development of an e-commerce facility significantly widen its catchment area. Deliberately kept ‘olde worlde’ in the past – something that its customers appreciate, the current Owners believe there is scope to move the business forward through improved management information systems, stock control etc.

And having responded over the years to customer demand by extending their product lines into clothing, buoyancy aids, lifejackets there is also the possibility of extending the existing premises and widen the range of clothing on offer to significantly increase turnover and profitability.

Financial Information:

The business is offered for sale as a going concern. All financial discussions will take place directly between the vendor and all interested parties under the auspices of Turner Butler.

Sales revenue has been reasonably consistent in recent years. Turnover for the financial year ending January 2008 was slightly in excess of £160,000 generating approximately £70,000 of gross profits and a pre-tax net operating profit of £36,000.

The Asking price of £390,000 is for a sale of the assets and goodwill to include the freehold recently conservatively valued at £250,000 and stock and fixtures and fittings totalling approximately £60,000.

Years established: 1860

Employees: This is a family business, with the Owners, a Husband and wife team responsible for the day-to-day running of the business supported by two part time members of staff. Out of season, between the end of September and the beginning of March, the Owners reduce their hours to a part-time basis.

Trading hours: The shop is open between 9.00 am and 5.00 pm, Mondays to Saturdays throughout the year opening in addition on Sundays during the season (Easter to September) between 10.00 am and 4.00 pm.

Property: Freehold

Location
Occupying approximately 1200 feet in all on the Ground Floor, this is a double fronted unit located in a prime main street village location, close to the local yacht club and is situated amidst a number of similar independent outlets which include a women’s clothing retailer, toy shop, cafe, newsagent/post office and local chemist. There is some on street parking available with a free off street car park close by.

The premises which are owned by the owners of the business has planning permission which has just been renewed for a change of use back to residential accomodation.

Rates are approximately £2160 with small business rate relief.

Competition / Market
Having been established for nearly 150 years and ideally located close to the local yacht club this business has little need of heavy investment in marketing and advertising. What advertising the business does undertake is limited to low levels of local press advertising. The business does not as yet have a web presence although this would enable the business to extend beyond its normal catchment area – however by far the most cost effective marketing for the business is the strong word of mouth recommendation the business enjoys testimony to the high levels of customer satisfaction the business engenders.

Support & training
The Owners will provide full business familiarisation, training and handover to ensure a smooth transfer of the business.

Reasons for selling
This is a genuine retirement sale.