8/9/2017 | Retail

Spar Polzeath store in Cornwall changes hands

Specialist business property adviser, Christie & Co has brokered the sale of the Spar Polzeath in Cornwall with funding secured through specialist commercial finance broker, Christie Finance.

Gareth and Gill Pugh owned and operated the store, which is the busiest Spar in the country, for 14 years. They have now sold the business to an expanding local convenience store operator whose aim is to expand into the North Cornwall area.

With Mr Pugh's history in commercial banking in London, his dedication to detail and decision-making took the store from strength to strength over the years. Mr & Mrs Pugh are now looking forward to their retirement and being able to spend more time in their local home.

William Trott, Business Agent at Christie & Co handled the sale and comments, “We were delighted to handle such a influential sale on behalf of Gareth and Gill, who after deciding to retire and putting the store on the market, were offered the chance to do so thanks to an offer from a highly reputable local operator.

“It’s very unusual to see a store of this size and quality come to the market in this impressive area, so we were not surprised by the level of interest we experienced. Coastal village businesses are continuing to be a favourite with potential buyers, especially given the prospects for a seasonal boost in footfall.”

Jimmy Johns, Finance Consultant, supported the new owners, Mr & Mrs Bal to obtain funding to purchase the business. He comments, “This was a difficult transaction to progress due to the size of Polzeath and the leasehold nature of the business. However, with Christie Finance’s specialist knowledge and experience in this sector we were able to work with our client to secure the funding of this purchase.”