Trading in the heart of Bridgetown, a residential area of Totnes, Bridgetown Stores has been owned and operated by David Erwood and Jane Seymour for over 10 years and is well-regarded amongst the community for its wide range of local products, with many of its suppliers hailing from the Totnes or South Devon region. The store also benefits from a well-established local paper round and a three-bedroom flat located above the shop.
The business received strong interest from a range of buyers during the sales process, which Christie & Co’s Retail experts are currently seeing across the board, as demand for freehold and leasehold convenience stores has skyrocketed since the onset of the pandemic in 2020.
Jamie Williams, Senior Business Agent in Christie & Co’s Retail team who handled the sale said, “We are thrilled to have successfully sold Bridgetown Stores on behalf of David and Jane. The business generating over 15 viewings and more than five offers, emphasising the appetite amongst buyers at present. There are not enough available businesses to service the number of applicants we have so we encourage anyone considering a sale to take advantage of this strong market.”
Jane Seymour adds, “The team at Christie & Co have been very helpful and persistent in the sale of our business, being there with us every step of the way during the sale process. We wish the new owners every success in their new venture, as we have thoroughly enjoyed running the business. However, we are now looking forward to a bit of time out before we consider what the future might hold.”
The business has been sold to husband-and-wife team, Ketan and Kajal Patel, experienced operators with an existing business located in London. Funding was secured through retail finance specialist, Lawrence Roberts, Consultant at Christie & Co’s sister company, Christie Finance
Ketan and Kajal Patel comment, “We initially discussed the purchase with Jamie Williams at Christie & Co, and after visiting the business, we then knew it was the right store for us and we spoke to Jamie about how we could fund the purchase. Jamie then put us in touch with Lawrence at Christie Finance who called us and went through our options. At this point, the UK was in lockdown and we were worried about the funding we could achieve, however Lawrence put our minds at ease and obtained funding with a high street lender, with competitive terms. Despite a slow process due to delays with most professional services, Jamie and Lawrence were very supportive and the previous owners David and Jane, showed great patience and we are very thankful to them both.
“We are very happy that we have had the opportunity to purchase this store and we are looking forward to serving the local community and looking at future opportunities to build on the businesses we currently own. The Christie Network have been fantastic throughout the process and we would recommend them to anyone looking for a business or finance.”
Lawrence Roberts adds, “I am delighted for my clients Ketan and Kajal, it was a pleasure to support them in this purchase, in the midst of the pandemic. I believe the couple will bring a fresh outlook to the business and wish them all the very best for what continues to be a good time for the sector.”
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P: +44 (0) 773 260 1749
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