Hilton Smythe is delighted to welcome to the market Richardsons of Norwich. The business was originally established in the 1950’s but was taken over by our client in 1984. The owner is now looking to sell the store due to the desire to take a well-deserved retirement.
The store runs as a DIY shop that sells a great range of products and services such as, hardware products, key cutting, shoe repairs, animal feed, photocopying, painting and decorating supplies, garden plants and even greetings cards.
The business generates a healthy turnover of approximately £284,000 per annum with a gross profit of 45%. Although this is a fantastic income we feel it could be increased. One way would be to set up an e-commerce website. This would attract more attention from a more further afield.
This is a well-established business that benefits from repeat loyal trade. The store has a great reputation in the area for being well stocked and also the friendly customer service. Although the business has a generous amount of repeat trade this could be increased by creating a loyalty scheme; this will encourage repeat sales.
The business benefits from a large premise and customer parking. This is a sound, well-established business that would be a great opportunity for the right buyer who is looking for a successful profitable business. Hilton Smythe highly advise early viewing to avoid disappointment.
Richardsons of Norwich is located in Norwich, Norfolk.
The business is situated on a retail parade with a mixture of outlets. Such as a Domino’s, butchers, deli, hair dressers and a Co-op. There are parking bays directly outside the premises, there is also on street parking. Across the road from the business is a row of houses, this is a densely populated location from which the store receives much of its trade.
The store is located on a main road in Norwich, this runs from the town centre through to Panxworth. The store is approximately a 10 minute drive away from Norwich and is an easy commute. There is also a generous amount of public transport in this area. The closest bus stop is across the road which has regular daily routes.
The business boasts a substantial sized premise which is well signed. There is a terraced area which is used to display some stock.
The retail premise is set on the ground floor, this is a good sized shop which is very spacious. There is perimeter shelving around and also central shelving.
4 x Central display isles
Animal feed displays
2 x Tills
Key cutting equipment
Shoe repair equipment
To the rear of the premise is a stock room which is fully shelved. There is also a staff area and a w/c. Additionally is a 700 sq ft stock room with partial shelving.
There is a rear exit which is used for bulk deliveries, two allocated parking spaces are also at the back of the shop.
We are advised the business is Leasehold.
Original lease length: 12 years
Left on the lease: 8 years
Review period: 3 years
Rent: £21,000 per annum
The business is open-
Monday - Saturday: 8:30am – 5:30pm
The business is run and managed by our client with the help of 2 full time members of staff.
The business generates a turnover in the region of £284,000 per annum.
With a gross profit of around 45%
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