Status: Completed
Tenure: Leasehold
Leasehold Rent: £6,250 per annum
Turnover: £123,000
Beautiful Bookshop In Great LocationBeautiful Bookshop In Great LocationBeautiful Bookshop In Great Location
£54,950 + SAV

Beautiful Bookshop In Great Location

Completed
  • Reference: 12458 A
  • Location: Penrith, Cumbria
£54,950 + SAV

The business was established in 2012, and the owner is now looking to pursue other interests. The ground floor is used for children's books, cards, notebooks etc. Non-children's books, including a large range of local interest and local publications are on the first floor. Due to the age of the building and size of business it is currently exempt from any legal requirements for disabled access.

The current owner also has links to local schools and supplies books to schools on invoice. In addition to retail use there is also B1 planning permission in place for a café/tearoom in the shop if desired. The kitchen has previously been approved for such use by the local environmental health office.

Turnover in the year to 5 April 2016 was £123,000 with a gross profit rate of 43%. Overheads are reasonably low (see figures for rent and rates) and the business is currently run by the owner assisted by one part time employee.

The shop uses a specialist EPOS system designed for bookshops, together with a reliable computerized stock control system which is supported and updated by an external provider. This makes stock ordering and control relatively straightforward on a day to day basis.

TENURE

We are advised that the building is leasehold, with the landlord responsible for all structural repairs and structural insurance.
Current lease length AS OF 2016: 5 years
Remaining term of current lease: 2 years
Rent: £6,250 Per annum

HOURS

Winter months
Monday - Saturday: 9am - 5:30pm
Closed Sundays

Summer months
Monday - Saturday: 9am - 5:30pm
Sundays: 11am - 3:30pm

The shop does not normally open on bank holidays.

STAFF

The owner plus one experienced part-time employee, currently working 12 hours a week.

FINANCIAL PROFILE

Turnover year ended 5 April 2016 £123,000, gross profit £43%
The bookshop is situated in the traditional market town of Penrith in the Eden Valley, just outside the Lake District National Park. The town is at the crossroads of the A66 (leading east to the A1, west to Keswick) and the M6 motorway. The area is approximately 30 miles south of the Scottish border. As such Penrith is located on the junction of two major tourist routes.

The town is the largest in the Eden Valley with a population of just over 15,000. There are currently plans to build a further 650 homes in the Carelton area on the outskirts of the town. The unemployment rate in the Eden Valley is amongst the lowest in the country at less than 1%. The next nearest major shopping centres to Penrith are Carlisle 20 miles north and Kendal approximately 30 miles to the south.

The bookshop is located on a sought after pedestrianized area; one street back from the main road. At the time of writing the street is fully occupied with similar shops and no vacant premises nearby. Adjacent businesses include: a music shop, flower shop, gift shops, cafes and an upmarket ladies' hair salon.
The shop occupies a two story stone building, dating back in parts to the early 1700's, briefly comprising:

Ground floor sales area: (children's, gifts and cards): 42 sqm
Kitchen: 7.5sqm
Landing: Staff WC
First floor: room 1(non-fiction) 28.1sqm, room 2 (fiction and poetry) 18.9sqm
The building has gas fired central heating with a modern boiler and use of a shared rear yard if required.
Rateable value: £5,600 pa
The building still has original exposed beams etc, but is not listed.