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Glass Engraving And Gift Retail In City Centre For Sale

Southampton, Hampshire
Asking Price:
£69,950
Turnover:
£200,000
Net Profit:
Available on request

Specialising in Hand Engraving over 30 years. Operating from same City centre site 28 years. Hand-engraving service is more adaptable so orders for complex inscriptions and awkward shaped glassware are undertaken which other engravers decline. Their employed engravers undertake calligraphy in circles and wavy lines to suit the particular design of a glass. A wide range of Glass and Crystal n stock. Engraving of customers' own glassware also undertaken. Stencilled Engraving service for Corporate Awards and Sporting Trophies allows for the matching of corporate identities and reproduceability of company logos utilising in-house design expertise. Retail sales 60%; repeat business from corporate clients 40%. Leasehold HW1525

Property information

Property:

Leasehold

Location:

LOCATION:
Occupying a prime trading position close to Debenhams in the centre one of the South coast's busiest city centres which with a population of 221,200, is the largest city in the South East outside of London. The economy, formerly based on traditional manufacturing industries and port-related activities is now more diverse. The city is one of Britain's most historic and successful deep-water ports; a natural choice for a wide range of customers and trades, with facilities to handle virtually any type of cargo. Its natural deep-water harbour and unique double tide allow unrestricted access for the world's largest vessels. The University is one of the City's largest employers. There are a host of excellent bars, restaurants, clubs and superb venues for music, theatre, film and recreation. The City is the premier shopping destination on the South Coast, offering an unrivalled selection of retail brands. Shoppers are attracted to the choice of more than 90 stores, including John Lewis and Marks and Spencer.

BUSINESS:
This business has specialised in Hand Engraving for over 30 years and has operated from its current City centre site for 28 years. The area is now benefitting from a significant £27M re-development project that has recently seen the creation of 600 new residential and several new commercial units. In a world of increasing reliance on computers, great pride is taken in the business' ability to produce freehand calligraphy to suit particular design of a glass item. The engraving machines are situated on the shop floor so customers can witness for themselves the level of skill being employed to create their bespoke requirements. Hand-engraving allows the service to be more adaptable, thus orders for complex inscriptions and awkward shaped glassware are readily accepted which other engravers are unwilling to undertake. For example, their employed engravers can undertake calligraphy in circles and wavy lines to suit the particular design of a glass. A wide range of Glass and Crystal is always in stock to suit all budgets. Engraving of a customer's own glassware is also undertaken. The majority of Hand Engraving orders are undertaken on their popular "Same Day" service. The business also provides Stencilled Engraving for Corporate Awards and Sporting Trophies. This allows for the matching of corporate identities and the reproduceability of company logos utilising in-house design expertise. Orders for Stencilled Engraving are accepted on a 5-7 working day turnaround. Retail sales account for approximately 60% of the business with the remaining 40% being repeat business from corporate clients.

BUSINESS PREMISES:
(all sizes are approximate and should be considered 'nominal'.)

The business has been successfully trading from these spacious double-fronted 1,000 sq ft ground floor premises with a 600 sq ft basement offering racked storage and additional workshop facilities, for the last 28 years. The ground floor comprises a retail area measuring 24'7"/7.5m x 19'2"/5.9m (470 sq ft/44 sq m). There are a further 490 sq ft/45 sq m to the rear providing an office, staff kitchen, racked storage area and WC facilities. An external covered flight of metal stairs leads down to the 600 sq ft basement comprising a production area for the sand blasting Stencilled Engraving processes, a racked Store Room for stock, Men's WC facilities and an area for the storage of the empty boxes for the products on display on the retail floor.

Note:
Where items of equipment and appliances are mentioned, no warranty is given or implied as to their operational condition.

PRIVATE ACCOMMODATION:
(all sizes are approximate and should be considered 'nominal'.)

There is no private accommodation included with this opportunity

OUTSIDE:
The business trades in a busy City centre shopping area with free, 10 minute on-street parking and a multi-storey nearby. Amidst retail, fashion, catering and service businesses. Neighbouring businesses include Debenhams, Subway, Card Factory, a Premier mini Supermarket, plus a number of hair and beauty salons, coffee shops, cafes and take-aways. The area is now benefitting from a recently-completed £27 million pound re-development with 130+ Buy-To-Let residential units with 50 additional parking spaces and more than 5,000 sq ft of commercial floor space having been created.

TENURE:
This is a leasehold opportunity with a 5 year lease in place which expires in 2020. The lease is a protected lease within the terms of the Landlord and Tenant Act 1954 and therefore renewal rights apply. The current rent payable is £26,000 per year. There are 4-yearly rent reviews with the next review due in 2020.

Please be aware that the landlord will require references to support your application as a tenant and satisfactory bank and trade references will be requested. In addition, the landlord may ask for a rent deposit equal to 3 or 6 months dependent upon quality of references and status of the buyer.

RATES:
The rateable value of the business premises is £8.900 therefore zero rates are payable for the year ending 31 March 2019.

NOTE:
This information has been obtained either from the current rate demand for the property, by telephone from the local authority or by reference to the VOA website. The amount payable is the standard rate for the Rateable Value shown. In some circumstances this may vary, and therefore it is recommended that potential buyers make their own enquiries through the local authority to check the applicable rateable value and whether the rates payable will be the figure quoted above.

SERVICES:
We understand from the vendor that main electricity and drainage services are connected to the property.

TRADE:
Accounts inspected by Adams and Co for the year ended 31 October 2017 show annual revenues of £196,561 with Gross Profits of £143,821 (73%). 11 months' sales from 1st of November 2017 to 30th of September 2018 totalled £170,118 which indicates that another consistent and profitable year's trading has been achieved. Please note that all figures exclude VAT.

HOURS:
Monday Closed
Tuesday to Friday 09:00 - 17:00
Saturday 08:45 - 16:00
Sunday Closed

STAFF:
The two current owners work in the business 8 hours per day, 5 days per week and are supported by 2 part time employees, one an Art Graduate (the Senior Engraver) who produces bespoke designs, each working 8 hours per day, 3 days per week plus a Saturday Girl. The owner's wife will continue to maintain the Bought Ledger one day per week from home until the sale completes.

STOCK:
The vendor informs us that the value of the stock varies throughout the year from an average of £35,000 peaking in November at £45,000 reflecting Christmas demand.

LEGAL FEES:
Vendors and Buyers each to meet their own legal costs, but if a lease is to be assigned from the vendor to the buyer they will also be expected to share the landlord's legal costs on a 50/50 basis. If a buyer wishes to negotiate a 'new' lease, they will be responsible for all the landlord's legal costs.

COMMENTS:
One of the two owners wishes to retire but would be happy to continue handling Stencilled Engraving orders one day per week until the new owner has settled in. His fellow Director would be happy to continue managing the purchases and day to day running of the business on a part-time basis for the new owner but is restricted by the need to provide home support to her elderly parents.
Financial information will be made available to seriously interested purchasers after they have formally viewed the business.

LOCAL AUTHORITY:
Southampton City Council: Telno --- ---- ----

INTERNET:
First time buyers of a business may find this Government
information website Setting Up In Business helpful.
Potential buyers wishing to find out more about the
surrounding areas are invited to 'search' under
'SOUTHAMPTON', where numerous sites are available for perusal, or specifically go to 'upmystreet.com' and use the post code 'SO14'.

VIEWING

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    We will pass a copy of your enquiry information, along with the name of the business you enquired on to finance specialists Rangewell. They will contact you in due course about financing your business purchase.

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