Hilton Smythe is delighted to welcome to the market this well-established and busy newsagent business, which is ideally located in a prime trading location in Norwich, Norfolk.
The business was originally established in 1950 and has been in our clients' careful ownership since 1994. Only now is the business being offered to the market, due to our clients' desire for a well-deserved retirement. The business currently operates 6 days per week and generates a turnover in the region of £264,000 per annum, with a gross profit of approximately 17%, as per the 2016 accounts.
Our clients offer a wide variety of goods, including newspapers and magazines, confectionery, convenience items, ice cream, greeting cards, soft drinks, tobacco products and Lottery scratch cards, to name a few, as well as offering five newspaper delivery rounds. The property boasts 70 sq. metres of floor space, is very well maintained and fitted out to suit the trade.
The business has built up an excellent reputation within the area for the high quality of the goods and services offered, which has resulted in a very loyal client base, with a high volume of repeat trade and word of mouth recommendations.
We feel there is scope to increase the turnover by extending the opening hours. A new owner could also embark on a modest marketing campaign to highlight the goods and services offered. There is also the option to apply for an alcohol licence, which could increase the turnover.
This is an excellent opportunity for a new owner, perhaps a husband and wife team or partnership, to take this already thriving business to the next level; therefore, early discussions must come highly recommended to avoid disappointment.
TENUREWe are advised Leasehold:
Original lease length: 12 years
Remaining lease length: 2 years
Rent: £9,600 per annum.
HOURSThe business is open:
Monday - Saturday: 5.30am - 6.00pm
Sunday: 6.30am - 5.00pm
STAFFThe business is family run.
FINANCIAL PROFILEThe business generates a turnover in the region of £264,000 per annum, with a gross profit of approximately 17%, as per the 2016 accounts.
Lowthorpe Newsagents occupies substantial ground floor premises, ideally located within the city of Norwich, Norfolk. The business is situated within a parade of complimentary shops and businesses, therefore, benefiting from a very high volume of footfall and passing trade. The newsagents also benefit from car parking facilities to the front of the premises.
Norwich is a city on the River Wensum and is the administrative centre and county town of Norfolk. According to the 2011 census the urban or built up area of Norwich had a residential population of 213,166. Norwich is a very popular tourist destination and boasts an ancient market place, which was established by the Normans between 1071 and 1074, which today is the largest six-days-a-week open-air market in England.
The area of the business is well-served by the public transport system, with several bus stops within easy walking distance of the business. The nearest railway station is approximately 3 miles away in Norwich city centre. The area is also well served by the A-roads with the business located on the A1067, which links to the vast A-road and motorway networks. The coastal resort of Great Yarmouth is approximately 21½ miles away and Lowestoft is 31 miles away.
Substantial ground floor premises, which is ideally located in a prime trading location, briefly comprising:
Main shop with:
Central display aisle.
Perimeter racking and shelving.
Greeting card display unit.
Newspaper/magazine display unit.
Ice cream freezer.
Upright drink chiller unit.
2 x double door drink chiller units.
Serve over counter with electronic cash register, confectionery display, lottery terminal, scratch card display unit and tobacco gantry.
Stock room, which is partially racked with fire escape to rear of the shop.
Rear room with kitchenette area and sink unit.
WC with hand wash basin.
Located on a busy road just off a roundabout.
Parking to front of premises.