Hilton Smythe is delighted to welcome to the market this well-established and busy musical instrument retail business, ideally located in Eltham, London.
The business was originally established in 1914, making it one of the oldest music shops in London. The business has been in our clients' careful ownership since 2004 and is only now 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 £176,500 per annum, with a gross profit of approximately 34%.
Our client offers a wide variety of goods including guitars, drums, brass and woodwind instruments, digital pianos, printed music, exam music, guitar strings and instrument accessories. Our clients' also provide a comprehensive off-site musical instrument repair service, repairing all types of woodwind and brass instruments. The property boasts a spacious sales and display area and is very well fitted to suit the trade.
The business has built up an excellent reputation within the area and further afield, 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 are advised that our client is willing to stay on part-time, if required.
We feel there is scope to increase the turnover by extending the opening hours, perhaps by offering Sunday trading. A new owner could also embark on a modest marketing campaign to highlight the goods and service offered. The business already has a very informative website in place, which offers online ordering facilities for printed music.
This is an excellent opportunity for a new owner to take this already thriving and busy business to the next level; therefore early viewing must come highly recommended to avoid disappointment.
TENUREWe are advised Leasehold:
Original lease length: 9 years
Remaining lease length: 6 years
Review after: 6 years
Rent: £8,500 per annum
HOURSThe business operates:
Monday - Saturday: 9.30am - 5.00pm
STAFFThe business is owner run and managed.
FINANCIAL PROFILEThe business generates a turnover in the region of £176,500 per annum, with a gross profit of approximately 34%.
Norman's Music occupies substantial ground floor retail premises, ideally located on the busy Well Hall Road, within the district of Eltham, south east London. The business is situated within a parade of complimentary shops and businesses and benefits from a large amount of footfall and passing trade. The business further benefits from on-street parking facilities to the front of the premises.
The district of Eltham lies approximately 8.7 miles east south-east of Charing Cross and is identified as one of the 35 major centres in Greater London. The town centre supports a loyal core of shoppers, diners and drinkers, but the nightlife is modest. In recent years there has been great effort by local town centre businesses and other important Eltham stakeholders to drive business, community and tourism improvements, that will help sustain the town centre.
The area of the business is well served by the public transport system, with several bus stops within easy walking distance of the property. Eltham railway station is just over five minutes' walk away. The area is also well served by the A-roads, with both the A2 and the A20 being within easy driving distance, which link to the national A-road and motorway networks. Dartford is approximately 9½ miles away and the City of London is 10½ miles away.
Substantial ground floor premises in an ideal trading location, briefly comprising:
Main sales and display area with:
Two large display windows.
Musical instrument displays to perimeter walls.
Several sheet music and book units.
Serve over counter with electronic cash register and credit/debit card terminal.