9/11/2018 | Retail

Derbyshire convenience store sold to first time buyers

Specialist business property adviser, Christie & Co has completed on the sale of Jubilee Stores, a convenience store in the suburb of Shelton Lock, just south of Derby, to first time buyers who are experienced in the retail sector.

Jubilee Stores has been extensively refurbished throughout and presents a wide offering, including newspapers and magazines, chilled and frozen foods, confectionery, tobacco and off licence, as well as ATM, National Lottery and PayPoint services. Occupying a prominent corner position in a residential area, the store benefits from a loyal and local customer base and enjoys strong trade. Additionally, the property features owner’s accommodation in the form of a self contained two bedroom flat.

Following three years of ownership, previous owners, Mr and Mrs Sandher comment, "We are delighted to have completed the sale of our store. Karmen at Christie & Co negotiated great terms for the new lease and dealt with the financial referencing of the buyer, which made things a lot more straight forward. Although several issues outside of our control came up along the way, Karmen dealt with them swiftly. We would definitely recommend Karmen and Christie & Co to deal with the sale of your business."

New owners and first time buyers, Mr Sadagoban Jeyakumar and Mr Mamangam Mayuran have management experience in the retail sector and plan to grow a portfolio of shops in the area. They comment, “Having worked in retail but never owned our own store, the process of buying a business can be quite daunting. Karmen was very helpful leading us through the process and we would definitely use Karmen in the future whether buying or selling a store.”

Karmen Freimuth, Business Agent – Retail at Christie & Co handled the sale and comments, “I am delighted to have handled the successful sale of this profitable convenience store, and I wish the new owners the very best in their new venture. Sold as a going concern, the store attracted a high level of interest and with the market for high quality stores remaining strong, and I would urge both buyers and sellers to consider their plans in order to take advantage of this.”

Jubilee Stores was sold off an asking price of £99,950 for the leasehold interest.