Hilton Smythe welcomes to the market Mag-it Fishing Bait Vending, which was established by our client in 1990. Unfortunately, due to ill health our client is now looking to retire.
Mag-it Fishing Bait Vending currently has 27 machines in different locations across Norfolk, Suffolk and Essex, which vend 330ml cans of maggots from a refrigerated environment keeping the maggots fresh for up to 6 weeks. The machines are located outside many shops, mainly pet shops in high street locations across East Anglia.
Currently the machines vend the cans of maggots for £3 each, apart from The Norfolk Broads, where they are £4 a can. Our client has kept these prices at this level for some time and there is scope for further expansion of the business by increasing the prices on all machines to £4 a can.
There are also many locations that the vending machines could be placed in and it would be advisable that the new owner search for new sites to compliment the 27 vending machines that are already out there. The business model is such that the owner of the location where the machine is gets a 10% commission on all sold products.
The products sold are from the following, cans of red maggots, cans of white maggots, cans of blue maggots and cans of mixed maggots, along with cans of soft pellets.
The business is being sold with the website www.mag-it.co.uk
- There are many reasons to buy
- The only business of this type in the area
- Long established business
- Low outgoings
There is scope for development
- Open longer hours
- Search out new sites for vending machines
- Consider increasing the prices of the cans of maggots
- Consider a mail order side of the business
Hilton Smythe highly advise early viewing to avoid disappointment.Location
Mag-it Fishing Bait Vending is located in Bramford, a village just outside of Ipswich, the county town of Suffolk.
The business itself is located in a Nissan hut with extremely low outgoings, close to the A14, therefore, accessible for deliveries.Premises
The business is situated within a Nissan hut which has a walk-in chiller and plenty of storage space for crates, cans etc. There is a workspace for the filling of the cans.
The equipment that is being sold with the business is
A large supply of cans and lids
Peugeot Partner van registered in 2014
Test rig for reprogramming coin mechanisms
27 fully operational vending unitsApproximately 60 further vending units to be either used as parts of to be refurbished for use.Tenure
We are advised the business is being sold as a leasehold business opportunity with a rolling lease and an annual rent of £1,800.
Our clients inform us that they do not pay business rates.Hours
Our client only works a maximum of 2 days a week due to ill health, the new owner could operate 5 days a week.Staff
The business is run and managed by our client.Financial Profile
Mag-it Fishing Bait Vending generated an advised turnover of circa £27,500 in the calendar year of 2018. The net profit was in the region of £11,500. This was with our client only working 2 days per week
The assets being sold with the business are worth in the region of £35,000
The average stock level is circa £1,500.