Sold

Busy Hair Salon

Ipswich, Suffolk

£22,500 +SAV

Ref: B05106

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Description

Hilton Smythe welcomes to the market Salon 31, which was taken over by our client and fully refurbished in 2016, the salon has been there since the 1980’s and still retains many of the clients it has built up over the years. The previous owner still works at the salon 2 days a week on an employed basis.

Salon 31 is a lady’s hairdressers and has a client base that has been coming back for years. The business specialises in cutting, styling, colouring etc.

Although the business was fully refurbished in December 2016, it does not have a website or social media page, and these are some points that the new owner should consider to take the business to the next stage. Another consideration is to bring a beauty side to the business, in the form of nails etc.

There are many reasons to buy Salon 31 including

  • Long established client base
  • Main road location
  • Low outgoings
  • Fully refurbished premises in December 2016
There is scope for development by considering:

  • A promotional campaign, vouchers, rewards etc
  • Opening full time
  • Addition of a nail bar etc
  • Creating a social media page to promote the business
  • Creating a web site to promote the business
Hilton Smythe highly advise early viewing to avoid disappointment 

Tenure

Leasehold

We are advised the business is being sold as a leasehold business opportunity with a 15-year lease from 2011. There is an annual rent of just £5,400.

Our clients inform us that they do not pay business rates.

Hours

The business opening hours are currently quite flexible however the salon tends to be open

Tuesday & Wednesday: 9am – 5pm

Thursday: 9am – 7pm

Friday & Saturday: 9am – 5pm

Sunday & Monday: closed

The salon may benefit from opening on Mondays also

Staff

The business is run and managed by our client, with the help of a trainee, 1 employed member of staff 2 days a week and 2 self-employed members of staff on a rent a chair basis. This being 50/50 for cuts and 60/40 in favour of the salon on colour


Financial Profile

Salon 31 generated an advised turnover of circa £66,584 in 2018 with a gross profit of £60,488 and a net profit of £28,283

The assets being sold with the business are conservatively worth in the region of £5,000

The average stock level is circa £1,000 - £1,500

Location

Salon 31 is located in Ipswich, the county town of Suffolk, on Foxhall Road, a main road in and out of the town centre.

The salon is located opposite a Co-op store and there are many other independent shops in the area. Salon 31 is located in a highly populated residential area within Ipswich and all these factors bring a high footfall to the local area.

The shop was fully refurbished in December 2016 and is a real turnkey business.

Premises

The premises were fully refurbished in December 2016, this included new double glazing to the front of the premises. The shop has electric fan heating and has wood effect flooring throughout. The ceilings have inset spotlighting and the general décor is very good throughout, therefore there will be minimal costs if any for the incoming owner with regards to upkeep.

The salon is entered directly off the street via a double-glazed door

The reception desk has card machine and phone.

There is a soft seating area to the front of the salon.

There are multiple shelves for towels and products for sale.

The salon has 2 backwash stations

5 hairdressing stations which all have mirrors and hairdryers.

To the side of the salon is the colour store with shelving for colours and storage.

Off the salon is a lobby with a door to outside, our client currently has access to a washing line that is located in the rear garden, the garden belongs to the tenant on the first floor and an agreement has been drawn up between our client and the tenant to use the washing line, it will be up to the new buyer to agree terms with the tenant, we understand that the washing line is used for free. Also, off the lobby is another storage cupboard and a door to the kitchen/staff room.

The kitchen/staff room has fitted base units with worksurfaces over, sink, washing machine, dryer and fridge. There is a sofa here for staff. To the rear of the kitchen is a door to the staff toilet.

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