Buisness This long established and well located unisex hair salon has served the population of this densely populated Plymouth suburb for more than 30 years. The clientele spans all ages, the overwhelming majority living nearby.
Occupying spacious first floor premises and accommodating 5 styling positions and 3 wash stations as currently arranged with room for expansion, rent and running costs are unusually low.
Under the current ownership for 13 years and now offered as a result of the planned retirement of the owner, the business is run with the assistance of an experienced Saturday girl who wishes to remain. She currently works from 9am to 2pm.
This is an ideal opportunity for an energetic stylist to acquire and develop a business with little in the way of direct competition in the immediate vicinity.
Priced realistically for a quick sale, opportunities such as this are rare and an early viewing is strongly recommended.
Years established The vendor advises that a salon has operated successfully from this location for more than 30 years. He has owned the business since March 2003.
Trade Sales of £43,400 have been reported by the vendor for the year ended on 31 October 2016. Sales currently fall at approx £500 per week. At the current payment level, the premises rent equates to c £83 per week.
Reason for sale The vendor now wishes to retire.
Staff The business is run by the vendor, who works full-time, with the assistance of a very experienced Saturday girl (5 hours per week). With the facilities available there is ample scope for developing the business by taking on more staff and increasing the clientele.
Opening hours Tuesday to Friday: 9.00am to 5.00pm
Saturday: 9.00am to 4.00pm
Sunday and Monday: Closed
business premises The salon occupies the first floor of an end of terrace property arranged over two floors under a pitched roof. The ground floor is occupied by Betfred Bookmakers.
The salon is accessed independently via an attractive half UPVc double glazed entrance door set back to the right hand side of the property. The door opens into a light and airy staircase with 2 x UPVc double glazed windows to the side elevation and high level wall mounted fuse boxes. A carpeted staircase rises with wooden handrails to either side and a quarter turn at the top to a half glazed wooden door which opens to:
Lower landning Attractive galleried landing. Immediately to the right, a single step up and wooden door gives access to:
Kitchen/staff room UPVc double glazed window to the side elevation. Vinyl floor covering. Stainless steel sink unit with fitted double cupboard under. Hotpoint washing machine. Hotpoint dryer. Roll edged work surface accommodating small work top refrigerator. Fitted wooden floor cupboard. Fitted wooden wall shelving. Wall mounted electric heater.
Store room/wash room High level UPVc double glazed window to the side elevation. Wall mounted ceramic wash basin. Large fitted cupboard. Space for cloaks. Carpeted.
Unisex WC Tall and narrow UPVc obscure double glazed window to the side elevation. Low flush WC. Vinyl floor covering
reception area Of sunny aspect. UPVc double glazed window to the front elevation with fixed external sign written sun canopy. Vinyl floor covering. 4 x attractive leather effect reception chairs. Fitted reception counter with roll edged surface accommodating Olympia electric till. Freestanding product display unit. An open archway gives access to:
Front salon 14' 1" x 10' 5" (4.3m x 3.2m) Of sunny aspect. Large UPVc double glazed window to the front elevation with fixed external sign written sun canopy. Vinyl floor covering. Overhead directional spotlighting. Accommodating 5 x styling positions with wall mirror and adjustable, leather effect styling chair. Fixed wooden wall shelving to each side wall with power sockets concealed below.
Rear salon 12' 9" x 10' 5" (3.9m x 3.2m) Large UPVc double glazed window to the rear elevation. Vinyl floor covering. Overhead directional spotlighting. To the right hand side there are 2 x back wash stations and 1 x front wash station each with leather effect chair and set into full width vanity shelf. The wash stations are served by 2 x wall mounted electric water heaters. To the opposite wall there is a further fitted shelf and space for 2-3 further styling positions if desired. There are two drying stations with leather effect seats and mobile dryers and 4 x mobile pedestal units. Space for cloaks. Wall mounted electric heater.
Outside The premises are set back from the road. To the right hand side an attractive wrought iron gate, secured by a padlock, leads to an enclosed yard at the rear shared with the betting shop. To one side of the yard stands a building of brick construction under a corrugated roof divided to offer two secure walk in storage units, one of which is included within the salon lease.
Lease terms The premises are held by way of a 10 year sub lease from Betfred Bookmakers dated 24 June 2009 with an internal repairing responsibility only at a scheduled rent of £5,474.28 for the year (payable in 4 quarterly instalments in advance) subject to an annual uplift at 4% each year. However, in recent years the landlord has not implemented the annual uplift and the sum of £4,326.40 has remained unchanged for an extended period.
The tenant is required to contribute a share of the buildings insurance premium each year, this costing in the region of £300 pa.
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.
The current rateable value of £3,300 is scheduled to rise to £4,150 with effect from 1 April 2017. However, the business will continue to receive 100% Small Business Rate Relief and no business rates are payable.
This information has been obtained either from the current rate demand for the property, or by telephone from the local authority. 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 whether the rateable value remains correct and whether the rates payable will be the figure quoted above.
We are advised that mains electricity, water and sewerage are connected. Mains water is currently unmetered, this being perceived to be an advantage by the current owner (water bill c £120 per month).
The vendor is asking £4,995 for the leasehold interest, business goodwill, equipment, fixtures and fittings, subject to inventory, plus stock to be paid for separately at valuation.
Stock generally has a value in the range £600 - £700.