Town Centre Newsagents - Keighley, W Yorks For Sale in Keighley- Business 4 Sale .co.uk

Business Summary

LOCATION:
The shop is located in the Airedale Shopping Centre in the town of Keighley. Keighley is approximately 11 north-west of Bradford and is a busy town with a population in excess of 50,000 people. The shopping centre is a purpose built retail development with a multi storey car park above and pedestrian area to the front.

BUSINESS:
This trades as a newsagent retailing a range of newspapers, magazines, cigarettes and tobacco with the addition of confectionery, snacks, cold drinks and confectionery gifts.
It is also a Lottery and PayPoint agent. The shop trades under the Supernews brand but this is not included in the sale and any new owner would need to re-name the business.

BUSINESS PREMISES:
(all sizes are approximate and should be considered 'nominal'.)
These consist of a ground floor lock-up unit which has glazed frontage secured by full width electric shutter. The retail area is well presented. It is equipped with wall mounted magazine display unit, confectionery display shelving, upright cold drinks display chillers, counter, PayPoint and Lottery terminals and wall mounted cigarette gantry. There is storage space to the rear of the retail area.
Note:
Where items of equipment and appliances are mentioned, no warranty is given or implied as to their operational condition.

TENURE:
This is a leasehold opportunity and there is a 15 year lease in place which commenced Sept 2003. Expiry is September 2018 although the lease is within the LTA 1954 and as such is fully renewable. The current rent payable is £26,500 per year with an additional service charge of £xx per year. Please be aware that the landlord will require references to support your application as a tenant and may require a rent deposit of between 3 and 6 months.

RATES:
From information supplied by the owner we understand the rates payable for the year ending April 2012 are £11,042. The rateable value is £22,500.
NOTE:
It is recommended that potential buyers make their own enquiries through the local authority to check whether the rateable value remains correct and whether the rates payable will be the figure quoted above.

TRADE:
Accounts made available by the vendor show annual sales for the 12 months ending July 2010 were £631,036 at a gross margin of 15%. Commission from lottery and paypoint was additional to these figures. Accounts are provided at the end of these particulars.
Please note that if a business is VAT registered, all figures are net of VAT.

HOURS:
Monday to Saturday 7.00am to 5.45pm

STAFF:
This shop is one of many owned by a large company and as such is management run. There are currently 4 members of staff employed who work a total of 126.5 hours per week, with a weekly wage bill of around £790. In our opinion this opportunity would ideally suit an owner-operator in which case the wage bill could be reduced.

STOCK:
The vendor informs us that the value of the stock is approximately £21,000.

LEGAL FEES:
Vendors and Buyers each to meet their own legal costs, but if a lease is to be assigned from the vendor to the buyer they will also be expected to share the landlord's legal costs on a 50/50 basis. If a buyer wishes to negotiate a 'new' lease, they will be responsible for all the landlord's legal costs.

COMMENTS:
1. National Lottery and other agencies
The transfer of a National Lottery agency or any other agency are at the sole discretion of those operators. In some instances a transfer could incur the payment of a "bond" or deposit to the agency confirmed.

2. Deposits
Successful bidders are to pay a non-refundable deposit to Adams and Co of £4,000 which will be offset on completion of purchase against the purchase price. In the event the purchaser reneges on the agreed terms and conditions of a sale and purchase, the deposit will be forfeited. In the unlikely event the vendor withdraws, the deposit will be repaid in full.

3. Timescale
The sale and purchase of the subject businesses will be on a Subject to Contract basis. Time will be of the essence, insofar as proposed purchasers will be required to enter into a contract, albeit conditional upon landlord's consent and within a maximum of 21 days from the date that draft documents are received by their solicitors. Proposed purchasers should ensure that their solicitors are made aware of this condition of sale and are capable of dealing with the vendor's standard form of contract within the required timescale.

4. Trade fixtures, fittings and equipment
The business is offered for sale as going concerns to include most of the fixtures, fittings and equipment. However, any scanning system/tills will NOT be included in any proposed sale. The home news delivery (HND) computers (where applicable) can be included, but are subject to separate negotiation.
In the event that a purchaser does not require a computerised HND system, the vendor will provide a list of delivery customers and debtors and it will be the purchaser's responsibility to acquire and install a manual system. Inventories will be made available once sales have been agreed. In addition to items owned by the vendor and included in the proposed sales, these inventories will also include items that are the property of suppliers and/or manufacturers and proposed purchasers should make their own enquiries with regard to the continuing use of these items.

Property Information

	Property:	Leasehold

	Living Accommodation:	No

Other Details

	Is this a home-based business?	No
	Can this business be relocated?	No
	Is this business part of a franchise?	No

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