Sold

Eagletons Tyne and Wear NE34 7QP

South Shields, Tyne and Wear

£225,000 +SAV

Ref: 3116

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Description

Hilton Smythe is proud to welcome to the market Eagletons Post Office and Convenience Store.

The business has been established since 1984 and our clients have owned it since. The store is sizable and very well stocked including confectionery, dairy produce, groceries, alcohol and soft drinks and other every day essentials, the business currently has a very high turnover of £520,000 per annum.

The two counter post office is to the rear and offers a host of postal services and commands a salary of £40,000 per annum.

The shop could possibly benefit from earlier opening times and longer hours as it is licenced from 7am till midnight. In addition the business could start delivering newspapers to the many local residents that live in the area to generate additional income.

After much discussion our clients have decided to sell the business due to their bad health and other interests. We believe this would be an ideal purchase for a family or partnership with a hands on approach to reduce the high staffing costs.

We advise that an early viewing for interested parties on this business would be very beneficial.

Tenure

Leasehold

We are advised that the business is Leasehold.
Original lease length is 12 years
Remaining lease length is 2 years
Rent £5,000 per annum

Hours

Monday – Sunday: 8:00am – 9:00pm

Staff

The business is currently run by the two owners and 6 full time members of staff.

The wages bill is £71,000 per annum

Financial Profile

The business reports an annual turnover of £520,000 per annum and has a gross profit of 20%
We advised that the post office salary is £40,000 per annum and the post office which includes the lottery brings in £4,500 weekly.

Location

The business is situated in South Shields, Tyne and Wear.

South Shields is a coastal town at the mouth of the River Tyne. The town is home to just over 75,000 people and is the third largest town in Tyneside after Newcastle and Gateshead.

The business is located in the heart of a housing estate, which is in a densely a populated area with repeat trade and friendly faces. The business is located just off the arterial A1300, a heavily used commuter road and busy bus route. The local pub is also nearby and Eagletons is opposite the local Housing Estate Office bringing good footfall to the area.

Premises

The premise is a double fronted property on the corner of a densely populated housing estate.

The business has a good signage and a vibrant frontage, clearly visible to passing trade.

The retail area is spacious with ample shelving and display stands. The main entrance leads into a large retail space with the 2 post office counter to the rear of the shop.

The till to the right with good sized serving area with confectionery display and shelving for alcohol and cigarette and tobacco gantry behind.

The premise also has a secure store room which is also filled with stock on shelving and display stands that is waiting to go out on the shop floor

The premise is also fitted with a CCTV and alarm system.

The property has a spare room which is currently used for a rest room for the owner and contains a bed.

There is also a kitchen area for current staff completed with a 2 toilets which can be used as a female and male. To the back of the business there is a beautifully private low maintained garden which could be used as a break area in the summer.

Equipment included in the sale:
3x Tills
Drinks Coolers
Fridges
Freezers
Ice Cream Freezer
5 Chillers
Fully Converted Post Office
Air Conditioning Unit

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