A long-established salon that has been owned by our clients for in excess of 23 years but has been trading as a hair salon long before that. The business has built up a good reputation with a loyal and regular clientele, which is supported by a 4.8* Google review. It is currently arranged to provide 5 cutting stations and 2 backwash basins in the main salon area, with a stock room to the rear. Good established turnover, which leaves a lot of scope to increase further by increasing the trading days and times in addition to employing more members of staff. Viewing recommended.
Location
The premises are situated within an established parade of shops, benefiting from free time-restricted layby parking to the front and all along the road the premises are situated on. The premises are surrounded by a vibrant mix of independent and big-name traders, including Co-op, Spar, and a card shop, to name a few.
Tenure
A new lease is available for a term to be agreed upon, with our client's current rent paid at £6,000 per annum, exclusive.
Premises
An end-of-terrace retail shop with glazed frontage, fascia board, and single glazed entrance door leads into the premises, which measure approximately 436 sq. ft. and are arranged as follows:
Main Salon Area with suspended ceiling, paneled lighting, customer seating, counter, and currently arranged for 5 cutting stations, 2 hood dryers, 2 backwash basins, and product display shelving. A door at the rear of the main salon area leads into a STOCK ROOM with shelving, a fridge, a dishwasher, a hot water dispenser, and a small store cupboard with a tumble dryer. WC.
Staff & Trading Hours
The business is run by two clients, one doing the admin side of the business and the other working as a stylist within the business, assisted by one full-time and one part-time member of staff. Tuesday to Saturday, 9 am to 5 pm. Closed Sunday and Monday.
Turnover
Turnover averages approximately £1,250 per week, working to the usual high gross profit margins associated with the trade. The last set of pre-COVID accounts confirms a turnover of £65,231 with a net profit of £19,535. Prior years have had similar levels of turnover, with profitability up to circa £32,000. There is huge scope to increase this turnover by extending the trading days and times, in addition to employing more members of staff to utilize all cutting stations.
Business Rates
The premises are subject to a ratable value of £3,750, resulting in zero business rates payable should small business rate relief apply to a purchaser.
Legal Costs
Each party is responsible for their own, with the landlord's legal costs for the surrendering of the existing lease being the responsibility of the vendor and the landlord's legal costs involved in the granting of the new lease being the responsibility of the purchaser.
Summary
A very long-established hair salon that has come to the market with a genuine reason for sale. Established turnover from regular clientele, which leaves a lot of scope to increase further. Viewing recommended.
Disclaimer
While every care is taken to ensure that these particulars are correct, accuracy is in no way guaranteed, and none of the information supplied forms part of any contract. Acceptance of these particulars constitutes a contract to the effect that all negotiations for the business or property will be made through Gilbert & Rose; otherwise, the purchaser will be equally responsible with the vendor for damages equal to the amount of our commission.
