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26 November 2018 | Retail

Winchester newsagents changes hands through Christie & Co

Specialist business property adviser, Christie & Co has completed on the sale of Hyde Newsagency, a well established newsagents situated in the heart of the cathedral city of Winchester, in Hampshire to a first time buyer in the sector.

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Occupying a prime location, Hyde Newsagency sits within close proximity to St Bede’s Primary School, City Business Centre and Winchester’s mainline railway station, providing a high volume of passing trade. The store offers a traditional range of newsagency and stationery products, tobacco, and confectionery, as well as sandwiches and baguettes, catering for both local residents and the multitudes of visitors to the popular city.

The newsagents was previously owned by Diane Duckett, who ran the business for almost two decades and comments, “After many years at the helm, we look forward to our retirement! We would like to thank the local community for their support over the years and would like to wish the new owners the very best of luck in their new venture. A special mention should also go to Christie & Co for their marketing expertise and for Tom Glanvill’s successful efforts to facilitate the smooth transaction of our business.” 

New owner, Sascha Sethupathy is a first time buyer with experience in retail, running stores within his father’s business, and comments, “I am delighted to have purchased Hyde News and look forward to settling into the stunning city of Winchester with my family. We plan to build upon the business Diane and Norman have built up over the many years they have run the store, whilst looking for new products and lines that we can introduce to offer to the local community. We would also like to thank Tom for his guidance and assistance in the purchase.”

Tom Glanvill, Senior Retail Agent at Christie & Co’s Winchester office, handled the sale and comments, “I popped in to speak with the owners as this business had been on the market for some time. We agreed a fresh marketing strategy and were able to focus the details on the high level of profit, as well as the exceptionally low rent for central Winchester. After a brief period of marketing, we arranged many viewings and had considerable interest. Ultimately, we have agreed the sale to an experienced operator who I am sure will bring fresh enthusiasm as well as a range of new products, making this a must visit store for the local community. Long live the diverse range of small newsagents and convenience stores across the country that offer real customer service and a break from the monotony of the mini supermarket.”

The leasehold interest of Hyde Newsagency was sold off an asking price of £59,000.