Midlothian newsagents sold to first time operator
Specialist business property adviser, Christie & Co has brokered the sale of the Millar's Newsagents in Bonnyrigg with funding secured through specialist commercial finance broker, Christie Finance.
The established freehold convenience store is situated in a parade of shops along Hopefield Park and benefits from high passing trade with a high school located close by. The business has been under the same ownership for 38 years and was placed on the market due to retirement.
The new owner is Uzma Shahbaz, an experienced retailer of 18 years that was looking to buy her first convenience store. She identified Millar's as the perfect opportunity with the business benefitting from good levels of trade and options to introduce new products and services.
Daniel Arrandale, Director at Christie & Co who brokered the sale comments, "Millar’s Newsagents generated significant interest on the open market which demonstrates the strong appetite for retail businesses on the outskirts of the capital. This long established business enjoys a loyal customer base. It’s location opposite the relatively new Lasswade High School and community centre is a huge benefit, providing a high level of footfall throughout the week."
Specialist commercial funding was required to purchase the business and Finance Consultant, Stephen McConalogue of Christie Finance brokered the commercial funding for Uzma to buy the store. He said of the deal, "It was great to help another first time retail buyer like Uzma with funding to buy. Across Scotland, we have been accessing some great funding rates and terms for buyers and most importantly saving our clients money in the long term."
Uzma commented, "Our first time purchase and I can't fault Stephen at all. This was a big purchase for us and the service we received was of excellent quality and even after he has kept in touch to make sure everything is going smoothly."