14 September 2015 | Retail

Craghead store sold after 60 years of family ownership

Businesses sold

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Specialist property adviser Christie + Co announce the sale of H Spence, a general store and Lottery outlet in Craghead, a village in County Durham.

The business, which has been in the Spence family for over 60 years has been sold for an undisclosed sum off a £145,000 price to Mr Singh, a experienced local operator.

The shop will close for a short period of time while extensive refurbishment and re-modernisation is carried out.

The sale was handled by Andrew Birnie of Christie + Co’s Newcastle office, he comments: “We are delighted to conclude the sale of this profitable store on behalf of our client, to whom we wish a peaceful retirement.”

“While the store is already well-supported by locals, Mr. Singh is keen to make the store even more convenient to customers by offering a wider range of convenience products, reintroducing the sale of alcohol and extending the opening hours. We wish him all the best for the future.”