Premier Xpress was formerly two properties which have been combined into one large, well-presented convenience store with adjoining storage rooms which allow for further expansion, if required. The business does not currently provide off-licence facilities, so there is a great opportunity here should the new owner wish to expand the store’s services. The site also comes with two flats which have separate external access, and both have a bedroom, living room, kitchen and bathroom.
The store is situated on Durham Road, a high-density residential area within Stockton-on-Tees in County Durham, to the east of the larger city of Middlesbrough. It benefits from good levels of passing traffic, and both the bus stop directly outside the shop, and the other complementary business nearby, contribute to the store’s healthy footfall.
Mr Mahroof Hussain, who has owned Premier Xpress for over 40 years, has decided to sell in order to pursue his retirement plans. He comments, “I had many business estate agents come and value my property but in the end I chose to go with Christie & Co. I am happy with the service provided. Many thanks again for selling my business.”
The store’s new owner, Mr Ananth Subbarayan, comments, “Andrew Birnie at Christie & Co first gave me the relevant details for the store and arranged a site viewing, he then managed the deal right through to completion. Towards the end of the process, COVID-19 had a positive impact on the retail sector but there were challenges on the funding side, however Lawrence [Christie Finance] and Andrew assisted me greatly in being able to complete on the deal and I now look forward to supporting the local community at this time and in the future.”
Andrew Birnie, Director of Retail at Christie & Co, who managed the sale, comments, “I have been in touch with the client seller for a number of years and was delighted he chose us to sell his business when the time came for him to retire. Despite COVID-19, businesses like this are remaining open as of course they provide vital products for the community, so we are still receiving calls from buyers asking what we have new to the retail market.”
Lawrence Roberts, Consultant at Christie Finance
who assisted with the financing of this sale, comments, “Andrew at Christie & Co introduced me to Ananth who was interested in purchasing the store. After speaking with Ananth, it was apparent that he had the relevant experience and passion to purchase Premier Xpress. Once I had proposed the deal to lenders, I received several offers of finance and was able to present Ananth with a selection of funding options for him to make an informed decision on. Just before completion, the COVID-19 pandemic began to heavily impact the UK and, as a result, the banking sector had huge pressures to support businesses, which could have resulted in this purchase being delayed. However, with the support of all those involved, we were able to successfully complete. I am delighted for Ananth who will make a difference in his local community and realise his ambition in acquiring a freehold convenience store.”
Premier Xpress was sold off an asking price of £350,000.
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