RETAIL CARPET SHOWROOM IN SOUTH COAST TOWN

0 Sq Ft
£129,950
  • Ref: HW1545
  • Type: Home Improvements, RETAIL, SERVICES
  • Availability: For Sale
  • County: Hampshire
  • Make Enquiry

Property Features

  • CARPETS, VINYLS, LAMINATES SUPPLIED AND FITTED
  • NEW LEASE: RENT £18,000 PA INC S/C FLAT ABOVE
  • FREEHOLD AVAILABLE SEPARATELY AT £270,000
  • FAMILY-OWNED & OPERATED FOR 30 YEARS
  • ANNUAL SALES OF £340,000 EX VAT
  • GROSS PROFITS OF £113,000 (33%)
  • RETIREMENT SALE

Property Summary

RETAIL CARPET SHOWROOM IN SOUTH COAST TOWN
CARPETS, VINYLS, LAMINATES SUPPLIED AND FITTED
NEW LEASE: RENT £18,000 PA INC S/C FLAT ABOVE
FREEHOLD AVAILABLE SEPARATELY AT £270,000
FAMILY-OWNED & OPERATED FOR 30 YEARS
ANNUAL SALES OF £340,000 EX VAT
GROSS PROFITS OF £113,000 (33%)
RETIREMENT SALE

LOCATION:
The business premises occupy one end of a community parade of shops in the midst of a private residential neighbourhood in a popular South Hampshire coastal town between Southampton and Portsmouth.

BUSINESS:
This established, profitable flooring business was first established in 1985. The current owners bought the business in 1991 and have traded successfully from the same site for the last 30 years establishing a loyal following and significant customer base of homeowners within a 30-mile radius of the showroom. The business benefitted significantly during the last two years of Lockdowns with homeowners improving their home comforts instead of spending on expensive holidays. 70% of revenue is generated from the supply and fitting of carpeting with 20% from the supply and fit of premium vinyl's and the remaining 10% of turnover coming from the supply and fitting of wood laminate floor coverings. The owner runs the showroom and prepares onsite quotes with supply and fitting carried out by 3 sub-contract fitters.

BUSINESS PREMISES:
(all sizes are approximate & should be considered 'nominal'.)
The 560 sq ft/52.8 sq m showroom measures 16 ft/4.8m wide x 35ft/11m deep. There is a 90 sq ft/8.8 sq m racked product store to the rear measuring 7ft/2.2m wide by 12ft/4m deep. There is a kitchen and a separate toilet to the rear with a rear door providing access for deliveries and parking of two vehicles.
Note:
Where items of equipment and appliances are mentioned, no warranty is given or implied as to their operational condition.

PRIVATE ACCOMMODATION:
(all sizes are approximate & should be considered 'nominal'.)
There is a self-contained one-bedroom flat currently occupied by a private tenant with its own entrance to the rear of the showroom.

OUTSIDE:
The business occupies one end of a community parade of shops including a Newsagents, unisex hair and beauty salon, a hot food take-away and an off-licence. There is free on-street parking in front of the parade.



TENURE:
The owner will offer the buyer a new lease for the showroom on favourable terms with an opening annual rent of £10,000. The lease will be a protected lease within the terms of the Landlord & Tenant Act 1954 and therefore renewal rights apply.

The freehold title to the property including the first-floor self-contained flat above the showroom is also available at an asking price of £270,000. The market rental for the flat is in the region of £8,000 per year.

RATES:
The rateable value of the business premises is below the minimum rates payable threshold and therefore no business rates are payable for 2022/23. The domestic accommodation falls into Band A for council tax purposes.
NOTE:
This information has been obtained either from the current rate demand for the property, by telephone from the local authority or by reference to the VOA website. The amount payable is the standard rate for the Rateable Value shown. In some circumstances this may vary, and therefore it is recommended that potential buyers make their own enquiries through the local authority to check the applicable rateable value and whether the rates payable will be the figure quoted above.

SERVICES:
We understand from the vendor that all main services are connected to the property.

TRADE:
Sales for the 12-month period ended30 November 2021 as reported on VAT returns inspected by Adams & Co show total sales for the year of £341,347. Based on typical gross profit margin generated over the past 4 years suggests gross profits of £113,567. Accounts for the year ended 28 February 2021 show sales of £266,256 with gross profits of £86,437 (32%).
Please note that if a business is VAT registered, all figures exclude VAT.


HOURS:
Monday to Friday 09:00 to 17:00
Saturday & Sunday Closed

STAFF:
The vendor handles sales and quotations while his wife looks after the Sales & Purchase ledgers. Fitting is carried out by self-employed, sub-contract fitters.

STOCK:
The vendor informs us that the value of the stock is approximately £6,000


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:
The vendor's decision to sell the family business in favour of retirement has created an exciting opportunity for a new owner to build on the solid foundations laid down over the past 30 years.
Financial information will be made available to seriously interested purchasers after they have formally viewed the business.

VIEWING
If you wish to discuss this business opportunity in greater detail, or arrange an appointment, please call Nick on (023) 8025 3910

PLEASE DO NOT MAKE CONTACT DIRECTLY WITH THE BUSINESS