Ref 6898 – Leasehold Hair Salon With Rental Income
Blacks Brokers are pleased to bring to the market this leasehold hair salon with rental income located in a busy residential area of Wolverhampton, West Midlands.
The business was established as a hair salon in 1969 and our client took ownership and changed the name to Create hair Studio in 2000. The salon offers a range of hair styling and colouring services and has a large base of regular customers in place (Customer records are paper based).
Create Hair Studio occupies a prominent trading position within a parade of shops and other local businesses. The area is densely populated residentially; however, neighbouring businesses include a pharmacy, uniform shop, chip shop and off licence. Wolverhampton centre is also close by. Wolverhampton is well linked by the M5, M54 and M6 with strong public transport links and parking is available immediately outside this business.
The business is ideally suited to a hands-on owner-operator but due to retirement, the business is offered for sale. This presents an excellent opportunity for a new owner-operator or team to take the business to the next level.
The building is available on an Internal Repairs Only lease (iro lease). The current lease is a six year lease which began in 2019 at a cost of £220 per week.
The business operates with four part time members of staff in employment supporting our client and partner working on a part time basis.
Create Hair Studio has traded solidly since opening and our client has established a strong customer base. We are advised that the accounts for April 2019 show an annual turnover of £57,725 with gross profits of £52,316. It is to be noted that the business is currently operating on limited hours across only four days to suit the needs of our client’s busy life – there is much scope and demand to expand these days and hours in order to accept further workload.
The business currently benefits from Small Business Rates Relief. Purchasers should enquire with relevant local authorities to confirm the rates payable.
Create Hair Studio is a long established salon with a superb reputation and strong customer base. There is plenty of scope to develop the business further with the introduction additional services such as beauty and nails. There is also potential to sub let chairs within the salon to reduce staffing costs and as mentioned above, new opening hours and days would be beneficial. A new owner may also look to create a new online and social media presence. This proposition would ideally suit an owner operating team who could push the business forward and build upon the solid and impressive trading foundations. Early viewings are strongly advised. Business: £37,500.
Please quote ref: 6898