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Ian McGregor (Nov 2013)
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Leasehold Price: £30,000 Price Reduced Annual Turnover: £118,000 Annual Gross Profit: £63,720
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Business Description
BUSINESS
Hilton Smythe is delighted to welcome to the market this well-established and popular leather goods retail business, ideally located within the beautiful city of Chester.

The business was established by our client in 2006 and is only now being offered to the market due to our client’s desire to take early retirement. The business currently operates 6 days per week and generates a turnover in the region of £118,000 per annum, which excludes VAT, with a gross profit of approximately 54%.

Our client offers a wide variety of leather goods including high quality designer bags, wallets, purses and belts to name a few, from designers such as Kipling, Fossil, Fiorelli, Gigi, Modalu and Walter Valentino etc. Being an authorised stockists of the main brands, our client has exclusivity as an independent in Chester.

The property boasts a spacious 66 sq. metres of floor space to the ground floor, is very well maintained and fitted out to suit the trade. There is a small stock room to the rear of the premises and also a kitchen area. Our client also has use of the communal WC facilities.

The business has built up an enviable reputation within the area for the very high quality of the goods and services offered, which has resulted in a very loyal client base, with a high volume of repeat trade and word of mouth recommendations.

We feel there is scope to increase the turnover by extending the opening hours, perhaps by offering Sunday trading. A new owner could also embark on a modest marketing campaign to promote the business. We feel the business would also benefit from the launch of a website to advertise the high quality of the goods offered, which could incorporate online ordering facilities.

This is an excellent opportunity for a new owner, perhaps a husband and wife team or partnership, to take this already excellent business to the next level; therefore early viewing must come highly recommended to avoid disappointment.

LOCATION
This well-established and popular leather goods retail business occupies substantial ground floor retail premises of a three storey listed building, ideally located within the historic walled city of Chester in Cheshire. The business is located on the very busy Northgate Street and is surrounded by complimentary shops and businesses, therefore benefiting from a high volume of footfall and passing trade. Chesters large town hall is very close by and the business is located within an abundance of specialist shops. A 33-million-pound refurbishment on an existing Odeon is directly opposite the shop, which will comprise of a cinema, theatre, library and restaurants. The business further benefits from good public car parking facilities within the area.

Chester lies on the River Dee, close to the border with Wales. It was founded as a ‘castrum’ or Roman fort during the reign of Emperor Vespasian in AD79. Chester is one of the best preserved walled cities in Britain and boasts a number of medieval buildings. The city is a very popular place in which to live and work, as well as being a magnet for tourists and visitors.

The area of the business is very well served by the public transport system, with several bus stops within easy walking distance of the property. Chester railway station is approximately 1 mile away. The area is also well served by the A-roads, with both the A5268 and A56 being within easy driving distance, which link to the national A-road and motorway networks. Northwich is approximately 24½ miles away and Wrexham is 13½ miles away.

PREMISES
Substantial ground floor retail premises within a three storey listed building, ideally located within the city walls of Chester, briefly comprising:

Ground floor with:

Two display windows.

Laminated flooring.

Perimeter racking and shelving.

Bespoke display stands.

Kipling display stands.

Spotlighting.

L-shaped serve over counter with electronic cash register and credit/debit card terminal.

There is a small stock room to the rear of the premises and also a kitchen area. Our client also has use of the communal WC facilities.

External:

Government CCTV protecting the premises.

TENURE
We are advised Leasehold:

Original lease length: 5 year rolling lease

Rent: £19,500 per annum

HOURS
The business is open:

Monday – Saturday: 9.30am – 5.00pm

Sunday: Closed

STAFF
The business is owner run and managed with 1 x full time staff member.

FINANCIAL PROFILE
The business generates a turnover in the region of £118,000 per annum, which is excluding VAT, with a gross profit of approximately 54%.


Tenure: Leasehold

Listed by: Hilton Smythe
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