OUTSTANDING HARDWARE, DIY, TOOLS AND REPAIR BUSINESS AND INVESTMENT PROPERTY in Lancashire for Sale.
A truly outstanding opportunity to acquire a long established, unique and vital DIY hardware and gardening equipment business, run out of a substantial busy main road site. The property investment includes three fully let flats producing a rental income return of almost £14,000 per annum. Additionally there is an outbuilding with two garages.
The Business: The DIY store and complimenting bolt-on services have been trading here for over 30 years under the same family ownership. It is only now that retirement beckons that the property and business comes to the open market. The business currently has a weekly turnover in excess of £5,000 as its owners wind down and leave the store predominantly staff run. Historically, when both owners were far more engaged in the daily operation of the business, the annual turnover was over £603,000 and showing Gross Profits of £214,000 and Adjusted Net Profits of £96,610. Undoubtedly, under the right energetic and enterprising new ownership, the business will quickly reach historic levels of turnover and beyond. The extensive store offers two floors of DIY goods and tools. On the first floor, as well as sale goods, there are areas dedicated to the repair of machinery such as chainsaws, trimmers and blowers, key cutting machinery and chain repair / replacement and sharpening workshops. The store is an approved Husqvarna main dealer, incorporating sales, service and approved repair. They are also ‘Oregon’ dealers. The business owns a number of websites which contribute substantially to the businesses online presence and e-commerce trade. Chain sharpening, knife sharpening and key cutting services produce high profit margins. The business not only attracts local and e-commerce trade, many customers travel from outlying areas to shop at the store or to bring by equipment for servicing.
Premises : Prominent corner property at the end of a commercial parade of other shops and businesses. The property is of brick construction over ground and first floors. The shop premises is over the ground and first floor at the main road front elevation of the building. The side of the building has shop stores and utility areas to the ground floor and three income producing rental flats on the upper floor. There exists a separate private entrance to the flats above. The property has its own parking, rear yard and outbuildings. Within the brick built outbuildings there are two garages. Utility areas, storage, staff WC and kitchen to the rear of the shop. Large basement being utilised for surplus storage and staff lockers.
Tenure: The business and property is offered on both freehold and leasehold options. The freehold investment property in its entirety, with the business goodwill, fixtures, fittings and equipment is offered at an asking price of £350,000. A Leasehold option on the DIY business and shop property is offered at £79,950 to include a new FRI lease (for a term to be negotiated), the fixtures, fittings and equipment. Proposed rent at £13,000 per annum with three yearly, upward only rent reviews.
Financial Information: Profit and loss account for the year to 31st December 2018 show turnover of £257,053 with a gross profit of £117,474. In addition to this, the three flats produce an annual rental income of £13,936. EPC's Available on request.
Stock Approximately £40,000 (In Addition to the Asking Price).
Number of employees: