Grocery Off Licence and Lottery in Eastbourne For Sale

Business description

The shop fulfils the main reason for being in business insomuch as that from the proprietor’s point of view, it provides a good net profit.

We understand that the business was established in about 1990 and is now for sale as our client has passed retirement age and is also suffering from ill health.

Sales centre around the retailing of grocery items together with fresh fruit and vegetables. There are also sales of beers, wines and spirits, crisps, bottled water, cigarettes, counterline confectionery, ice cream, toiletries and pre-packed sandwiches.


Annual accounts for the year ended 31 March 2008 confirm that turnover reached £260,277 (excluding VAT) and that a gross profit of £64,499 was produced. The fully rewarding net profit was £26,379 before allowance for items of overhead expenditure which do not form part of the ongoing cost base of the business. During this period, our client also experienced a heart attack and as a consequence of this, employed more staff than may otherwise be necessary. Also, a husband a wife team could make very substantial savings on staff wages.

This is a popular shop in a very pleasant area and enjoys the custom of a cross-section of customers. Our client advises us that it has still not been exploited to its full potential and there is scope to introduce a cash machine.

Lottery takings are approximately £2,000 per week.

Property information

Property:

Leasehold

Lease terms:

A 15 year lease from 29 September 2006 with 5 yearly rent reviews at a basic commencing rent of £12,700 per annum until review in December 2011.

Location:

The shop is situated in what may be considered as a prime location. It is close to three major entertainment centres, a number of catering outlets together with a Ladbrokes betting shop, hair salon, newsagency and fashion shop. The area is of a very pleasant nature, enjoys good levels of passing footfall and has the benefit of 2 hour on-street car parking directly outside.

Other information

Reasons for selling:

Ill health and retirement.

Trading hours:

8.00 am to 8.00 pm Monday to Saturday. 9.00 am to 7.30 pm Sunday. There is scope to open longer summer evening hours if required.

Inventory / Stock value:

£16,000