8/22/2017 | Retail

Costcutter in the South Wales village of Porth changes hands

Costcutter in the Rhondda Valley village of Porth near Cardiff has been sold through specialist business property adviser, Christie & Co.

Having been successfully run by Parag Patel for over 14 years, the business has been bought by Jaskaran and Ricky Randhawa who have previous experience in the retail sector. Mr Patel is now looking to pursue other interests.

Jonathan Clements, Business Agent in Christie & Co’s Cardiff office comments, “We received multiple offers on this popular village business, which reflects what we’re seeing across the market for leasehold and freehold convenience stores in South Wales and the South West. We wish all parties the best for the future.”

Christie Finance secured the required finance package for Mr and Mrs Randhawa. Gary Boyce of Christie Finance comments, “Both Ricky and Jaskaran have grown up within the retail sector and are perfectly placed to take the business forward. We were delighted to secure competitive funding terms on a structure that will help meet their current and future growth plans”.

Previous owner, Parag Patel comments, “I’d like to express my gratitude to Jonathan and Christie & Co for helping me through the sale process and I’m delighted with what they’ve done to get the sale over the line. I wish the new owners all the best for the future.”