North Walsham is a thriving North Norfolk market town situated several miles to the north of Norwich. With frequent trains to the city and beyond and a good road structure.It is seen as a hub for population growth. There are several large housing developments within the surrounding area. There are good schools, a leisure centre, two doctors surgeries, a cottage hospital and a twice weekly market. It is close to the North Norfolk coast and thus attracts many tourists as well as locals from outlying villages.
The business was established in the early 70’s by the vendor who has built this retail shop into a highly profitable, well loved and highly regarded outlet in this vibrant town.
THE BUSINESS ITSELF
Although there is a regional discount retailer next door, this is a constantly highly profitable enterprise. Due to having a considerably lower cost base it competes and stands equal to the opposition. Virtually management run, the vendor now wishes to sell as ill health precludes much involvement in the day to day running of the business.
Trading each year in excess of £800,000 p.a, the majority of the stores sales comes from cards, gifts, toiletries, household goods and over the counter medicines.
The vendor chooses not to trade on Sunday which immediately gives scope for growth. The first floor is currently under utilised and could easily be turned into additional retail space if so desired.
There is no doubt that with a younger, more involved owner the turnover and margins could easily be greatly increased, staff costs reduced and with the introduction of new lines and a more modern approach it could prove to be an excellent investment.
Alternatively it stacks very profitably as an investment with new management and could give an extremely attractive R.O.I or to be assimilated into a larger group.
The business is being sold within a limited company, with all guaranteesin place for the protection of the purchaser ensuring the best use of the current tax laws.
ALL MEASUREMENTS ARE APPROXIMATE AND FOR GUIDANCE ONLY.
Spread over five floors this is a large, impressive and well maintained building. The ground floor retail area measures some c. 2300 sq. ft. As you enter, you are struck by how immaculately clean and tidy the store is. Despite there being constant footfall, the business exudes a good feeling of spaciousness which is rewarded by a large, loyal repeat trade.Most of the staff are long serving local , all smartly dressed in uniforms.The store is fully air-conditioned, the carpets are well presented and all shelving, gondolas and spinners are in tip top order. There is CCTV throughout the store .
The store currently has no EPOS or stock control system and margins could easily be improved at a stroke by the introduction of same.
The cellar (c. 1000 sq. ft.) is dry and used for storage, as is much of the first floor (c. 2000 sq. ft.) which houses the office, three w.c’s and a kitchen. The whole has been recently repainted and is presented in good order. As previously stated, the first floor could easily be utilised for additional sales space if so desired.
The second and third floors are currently unused and with the correct consents could be made into a stunning loft conversion to provide accommodation above the store. Alternatively, if the business is acquired by an existing trader who could benefit from additional storage space, these two dry, large ( c. 3000 sq. ft.) in total would be ideal.
There is an owners car parking space to the rear and the town car park is a stones throw away.
Monday to Friday 9:00 am to 5:30 pm. Saturday 9:00 am to 5:00 pm.