Business for Sale in Leamington Spa, Warwickshire - NEWSAGENTS & CONVENIENCE STORE - LEAMINGTON SPA, WARWICKSHIRE - Leasehold: £39,000

Key Information

Ref
G34621Q
Type
Retail Businesses: Convenience Stores
Location
England: Warwickshire
Tenure
Leasehold
Status
Sold
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  • Located in Dense Residential Area
  • Approx. 600 sq ft of Retail Space plus Storage & Staff areas
  • Gross Retail Sales £266,662, Commissions £17,320
  • Free Parking Close By
  • Amazon Delivery Point

DESCRIPTION

A traditional newsagents and convenience store trading from the ground floor of this large mixed use building with storage and staff areas to the rear. A compact but well laid out retail space offering a range of products which could be expanded upon further by a new operator.

LOCATION

The location of this business in a residential area surrounded by other local and national stores will be of strong appeal meaning a good level daily footfall. Free car parking can be found directly in front of the store and bus services are available in the immediate vicinity offering good access for locals and visitors alike.

AREA

The internationally known town of Royal Leamington Spa is situated in central England in the county of Warwickshire, a short distance from Warwick and provides good access onto the M40 and A46 link roads as well as a direct line train service into London and Birmingham New Street.

PREMISES

The business occupies the ground floor of a mixed use property with an approximate 10ft glazed frontage. The well laid out retail area provides approx.600sqft of space with a range of wall and floor displays and shelving and benefits from a range of chilling equipment, vinyl tiled floors and a 2 point service counter. In addition to the rear is the store room fitted with a range of racking and shelving complete with separate kitchenette, M&F toilets, office desk area, and a secure cupboard as well as an additional smaller store room with fitted worktop and cupboard and back up freezer under. (None of the appliances/systems have been tested and a purchaser must satisfy themselves at the serviceability of these.)

BUSINESS

An established business operated by Martin McColl's Ltd, operating as a modern Convenience Store, retailing confectionery, snacks, milk, soft drinks, ice creams, newspapers, magazines, cigarettes, greetings cards and stationery. The business benefits from being a National Lottery outlet, it also houses a cashpoint which customers access externally to the property and in addition it provides Amazon delivery lockers.

TRADING HOURS

The business trades 5:30am to 6:30pm Monday, Tuesday and Thursday. From 5:30am to 7:00pm on Wednesday, Friday and Saturday and from 7:00am to 1:00pm on a Sunday.

STAFF

A company owned store which is fully managed and whereby staff would be included in the sale.

TAKINGS

Accounting information provided in respect of the 52 weeks trading ending 30th November 2019 confirms total Gross Retail Sales of £266,662 and £272,502 in respect of Services returning a Commission of £17,320.

COMMENTS

The sale of Martins Leamington Spa provides an opportunity to acquire retail premises enjoying a good trading position within this busy residential community.

TENURE

Leasehold, current Lease running to 12th November 2027, with a current rent of £8,000 per annum with a rent review due on the 13th November 2022.

RATES

Approximately £2,365 per annum payable.

PRICE

£39,000 for the benefit of the Leasehold, Goodwill, Fixtures, Fittings & Equipment (according to inventory) plus stock at valuation.

NOTE

As this is a company disposal any sale will be subject to the attached Terms & Conditions which interested parties should refer to.

TERMS & CONDITIONS

Trading information: Trading information has been supplied by McColl's Retail Group PLC and written confirmation is available on request.

Post Office appointments: The transfer of a sub-post office appointment is at the sole discretion of Post Office Ltd and contracts for the sale and purchase of branches that have post offices attached will be subject to the transfer of the appointment in favour of the purchaser or the purchaser's nominee. The post office transfer process will commence as soon as a conditional contract has been exchanged and in the first instance, proposed purchasers will be required, at the vendor's own discretion, to discuss their experience (if any) as a 'sub postmaster' with an independent Post Office consultant - subpostmaster.com. If deemed necessary by the vendor the purchaser will be required to submit their Post Office application documents to subpostmaster.com and attend a mock interview with the company's resident postmaster prior to making a formal application to Post Office Ltd.

National Lottery and other agencies: The transfer of a National Lottery agency is at the sole discretion of the operator, Camelot Group PLC, and could incur the payment of a “bond” in those instances where the proposed transferee has not previously operated a business on his/her own account. No proposed sale and purchase shall be conditional upon the transfer of a National Lottery agency, nor shall it be conditional upon any other agency or service where the transfer of such agencies or services are at the sole discretion of the grantor(s) i.e., ATM, Premises Licence, Pay-Point, Oyster etc.

Staff: It is possible that the vendor may wish to retain the services of individual branch managers. However this is not guaranteed and will be assessed on a case by case basis. As far as the remaining personnel are concerned, the purchaser will be required to offer continuity of employment in accordance with the Transfer of Undertakings (Protection of Employment) Regulations.

Stock in trade and news debts: The stock in trade at the individual branches will be sold at valuation. The amount involved will vary from branch to branch but can, within reason, be adjusted to a proposed purchaser's requirements, given adequate notice. In those instances where a branch provides a news delivery service, the purchaser will also be required to purchase book debts - i.e., outstanding accounts to news delivery customers in respect of goods and services supplied that remain unpaid at the time of completion.

Trade fixtures, fittings & equipment: The stores are offered for sale as going concerns to include most of the fixtures, fittings and equipment but excluding any trading name and signage relating to the vendor. The Epos scanning systems/tills will NOT be included. The vendor will provide a list of Home News Delivery (HND) customers and debtors. An inventory listing for each store will be made available once a sale has been agreed. In addition to items owned by McColl's and included in the proposed sale, this 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.

Leasehold requirements: It will be necessary to obtain landlord's consent to assign individual leases to prospective purchasers. In some instances, it may not be possible to assign the vendor's leasehold interest and in such circumstances a transaction could proceed by grant of an under lease on similar, if not identical, terms to the vendor's own lease. In either event, purchasers will be required to supply Everett Masson & Furby with references for the benefit of the vendor and its landlords. The references should include 1) a bank or building society, 2) a solicitor,3) an accountant or other professional person or organisation, 4) past and/or present landlords and 5) a selection of recognised trade suppliers. Where a proposed purchaser is already in business certified accounts will be required in addition to references. In the event that a purchaser has no previous retail experience, evidence will be required to support their proposal to undertake their commitment to a fully repairing and insuring lease with regular, long term rental payments. In some cases, it may prove necessary for a purchaser to pay a rental deposit, usually the equivalent of six to twelve months' rent. Please note that the sale of a leasehold store is conditional upon landlord's consent to assign or underlet the vendor's leasehold interest and prospective purchasers shall enter into a conditional contract on this basis.

Costs: Each party will be responsible for its own legal costs but purchasers will also be responsible for the costs incurred by the vendor and the landlord in respect of assignments or under-lettings of the vendor's leasehold interests.

Deposits: Successful bidders will be required to pay a non-refundable deposit to the vendor's solicitor, via their own solicitor, equivalent to £5,000 per transaction. The deposit will be set off against the agreed purchase price on completion of a sale. In the unlikely event that the vendor withdraws from a sale within the defined Purchase Period (see definition below), deposits will be repaid in full. However, in the event that a purchaser reneges on the agreed terms and conditions of a sale and purchase, the deposit/s will be forfeited.

Timescale: The sale and purchase of the subject business will be on a Subject to Contract basis. Time will be of the essence in so far as the proposed purchaser will be required to enter into a contract, albeit conditional upon landlord's consent and, where appropriate, conditional upon the transfer of a post office appointment, within a maximum of 21 days from the date that draft documents are received by their solicitors. This 21 day deadline is the Purchase Period referred to under “Deposits” above. The purchaser should ensure that its solicitor is made aware of this condition of sale and is capable of dealing with the vendor's standard form of contract within the required timescale.

Viewing arrangements: Formal viewings will only be arranged after an acceptable offer has been made and by prior telephone appointment through the appropriate Everett Masson & Furby office. Discreet customer visits are encouraged but ON NO ACCOUNT SHOULD ANY DIRECT APPROACH BE MADE TO THE VENDOR OR ANY OF IT'S STAFF.

While care is taken to ensure that these particulars are correct, accuracy is in no way guaranteed and none of the information supplied forms part of any contract. None of the appliances/systems have been tested and a purchaser must satisfy themselves at the serviceability of these. The information was approved as being accurate by the vendor at the commencement of marketing and an undertaking was given to advise EM&F of any material changes that may occur. However, as all businesses are constantly evolving, the information may not be completely up to date. Prospective purchasers are therefore advised to undertake necessary and adequate enquiries to satisfy themselves of anything that is critical to their interest at the appropriate time.

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