3/18/2019 | Retail

Bishop’s Waltham mini supermarket sold to a local operator

Specialist business property adviser, Christie & Co has completed on the sale of Newtown Newsmart, a Londis branded mini supermarket in the affluent Hampshire market town of Bishop’s Waltham.

The recently refurbished convenience store comprises a 2,000 sq ft retail area and offers a wide range of convenience products. Situated in an excellent trading position on the busy B2177, the store is ideally situated to serve the local community and passing trade.

New owner and experienced local operator, Mr Rishi Patel comments, “I’m delighted to have secured Newtown Newsmart and look forward to being part of the town’s community and welcoming customers to my store. The business presented an outstanding opportunity and I am very excited with my new venture. It was a pleasure to deal with Christie & Co again, as they facilitated a smooth and efficient transaction and offered a highly professional service to us as buyers."

Tom Glanvill, Senior Business Agent at Christie & Co’s Winchester office handled the sale and comments, “I am delighted to have handled the successful sale of this profitable store, which was sold as a going concern. I wish Mr Patel all the very best as he embarks on his new venture, which I am sure will continue to be a great success for many years to come as he takes over the reins from the previous owners, Pat and Polly.

“This store was marketed to a select group of corporate and regional operators and the sale was agreed within just two weeks and completed at a sale price which was 13 times the weekly sales, highlighting the continued demand for well established businesses in the region.”

Newtown Newsmart was sold off a leasehold guide price of £250,000.