Hilton Smythe are pleased to have been given the opportunity to manage the sale of Richardson’s which is a well-established Newsagents and convenience store with a renowned reputation amongst residents. This is a superb opportunity to take on a high turnover local business in an area teeming with customers.
There has been a Newsagents at this site since 1878 so it can truly be said to be part of the local community. The current owners have run it since 2017 and the business has flourished under their ownership.
Alas the business is now being sold, albeit reluctantly and with heavy hearts only due to the owners wishes to concentrate on their other business interests. They are keen to see their beloved Newsagents pass to an ambitious and entrepreneurial new owner who can take this already thriving business to the next level.
Revenue is derived from the sale of newspapers and magazines, tobacco products, confectionery, greeting cards and wrapping paper, ice creams, general groceries and stationery.
The business enjoys a particularly healthy weekly news bill of approximately £3300 per week with 11 rounds daily and 10 on Sunday.
Additionally, the business enjoys lotto sales of circa £1450 per week.
Currently there is a Pay point facility that isn't being used, this is something the new owner could change.
Scope to Improve:
- Advertising and marketing campaign. A leaflet drop always yields good results
- Maximise the use of social media
- Extend the opening hours
- Update the exterior signage
- Introduce the sale of alcohol
- Offer top ups for mobile phones etc
Reasons to Buy:
- A well-established business with an enviable reputation and many existing customers
- Perfect trading position in the unusually busy and vibrant shopping area of St. Johns
- Low running costs with inexpensive rent and no business rates
- Ideal owner managed or partnership business
- A real opportunity to increase turnover and profits significantly, current owners have been running at a pace to suit due to their other business interests
- Current owners happy to offer a handover to ensure the continued success.
Hilton Smythe highly advise early viewing to avoid disappointment.Location
Richardson’s is in the St. Johns area of Worcester.
Worcester is a city 31 miles southwest of Birmingham and 27 miles north of Gloucester. The population is approximately 100,000. The River Severn flanks the western side of the city centre which is overlooked by the 12th century Worcester Cathedral.
The M5 Motorway runs north-south immediately to the east of the city and is accessed by Junction 6 and Junction 7. This makes the city easily accessible to most parts of the country including London which is only 118 miles using the A44 via the Cotswolds and M40. A faster journey to London is possible via the M5, M42 and M40.
Worcester has two railway stations, Worcester Foregate Street and Worcester Shrub Hill. Both stations frequently serve Birmingham via Droitwich Spa, Kidderminster and Stourbridge. From both stations’ trains run to Pershore, Evesham and onto the Cotswolds, Oxford and London.
Richardson’s is situated in St. Johns which is a large suburb of Worcester and locally referred to as the “Village in the City”. The business is nicely presented and maintained with clear visible signage. It is in a prominent main road position and sits alongside other complimentary retail businesses and thus benefits from high levels of footfall, passing trade and regular custom.
The vendor currently rents a parking spot from the same landlord, this is something that could be negotiated if the new owner would require.Premises
Richardson’s occupies the ground floor of an inner terraced period property and briefly comprises;
Double fronted with windows and glazed door to front creating a light, airy and inviting interior, generously proposed with perimeter shelving, greeting card racking, revolving carousels, long bespoke counter with till, card machine and generous wrapping area, cigarette gantry behind, ice cream freezer.
To the rear of the shop is an office with room for desk, chair and filing cabinets etc.
Premises are circa 72sqm.Tenure
We are advised that Richardson’s is being sold as a leasehold business opportunity.
The existing lease has approximately 3 years remaining, and we are advised that the landlord would be happy to negotiate a mutually acceptable lease with a new owner.
The current rent is £10,000 per annum which is reasonable given the size and location of the premises.
We are advised that the business benefits from being exempt from business rates.Hours
Monday to Friday 06.00 – 17.30
Saturday 06.30 – 17.30
Sunday 06.30 – 12.00Staff
The business is run and managed by our clients (2) with the help of 2 part time members of staff.Financial Profile
Richardson’s generates an advised current turnover of circa £400,000 per annum but it needs to be appreciated that the business is currently being run at a pace to suit.