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Well Established Ironing/Dry Cleaning Business For Sale

Northwood, London, UK
Asking Price:
£25,000
Turnover:
£50,769
Net Profit:
Available on request

Business
Please quote reference B06180

Hilton Smythe is delighted to present to the market Pressed for Time, a very well established ironing/dry cleaning business operating from a highly sought after trading unit.

The ‘turn-key’ business opportunity was established in the area over 20 years ago and later purchased by our client 7 years ago who is now looking to sell due to family commitments.

The business is mainly staff run and we believe there are many areas any new owner could easily add to significantly increase the current turnover levels.

Pressed for Time predominantly offers a local ironing service with a collection and delivery service offered. This accounts for around 80% of the current turnover levels while the remaining 20% is derived from the dry cleaning work. The shop acts as a ‘satellite’ unit for a local dry cleaners where a 50/50 commission rate is applied.

The sale of the business includes -

5 x ironing stations
2 x independent boilers
5 x hanging rails
Storage shelving, garment bags
Van included

Currently the business is focused on the domestic market with only one local hotel customer.

Our client admits that due to family health problems, she has not pursued many of the additional services the business could offer. These include -

Increasing the current collection & delivery area
Increasing the commercial customer side of the business
Utilising the large downstairs area to add its own dry cleaning machine and washing machines for laundry services
Extending current opening hours
Offer the option to pay by card

This is a very desirable part of north London with many affluent residents within close proximity of the business. We would suggest any new owner not only looks to increase the services offered but also adds any of the following new advertising platforms to instantly boost awareness -

Business website - with online booking
Active Facebook page
Local leaflet drop
Customer loyalty scheme
Local business workers discount
Email campaign to local hotels, B & B’s

Very rarely do well established businesses within this area come onto the open market and we therefore recommend any potential buyer to make an early enquiry to avoid disappointment.

Key selling points -

A new 5 year lease made available to any new owner
Zero business rates
2 x part time trained staff members
Handover period offered
Opportunity to significantly increase turnover

Location
Pressed for Time occupies a prominent trading position on Green lane in Northwood.

Green lane is a very busy parade of community shops including several hair salons, barbers, gift & card shop, post office/newsagents, Lloyds bank, local estate agents, Pizza hut takeaway, Chinese restaurant as well a Coral betting shop, florist and Waitrose supermarket.

Northwood is a very desirable area in northwest London within the London Borough of Hillingdon on the border with Hertfordshire and just 14.5 miles from Charing Cross.

Nearest tube is Northwood (Metropolitan line) just a few steps away which makes the parade very busy with commuters travelling into central London.

There are 2 busy bus stops directly in front of the business.

There is some available parking on the same street.

Premises
Ground floor - Customer collection area, ironing area, storage area, office/ kitchen, toilet and access to downstairs.

Lower ground floor - A larger space than the ground floor area, currently just used as a storeroom but can accommodate further equipment if required.

Tenure
We are advised that the business is being sold on a Leasehold basis, with a new 5 year lease to be offered. The rent is £1,000 per month & has £0 rates payable.

Hours
The business hours are -

Monday – 9:00am to 6:00pm
Tuesday – 9:00am to 6:00pm
Wednesday – 9:00am to 6:00pm
Thursday - 9:00am to 6:00pm
Friday – 9:00am to 6:00pm
Saturday – 10:00am to 2:00pm
Sunday - Closed

Staff
We are advised that the business has 2 part-time staff members.

Financial Profile
We are advised as per the 2018 accounts, the business generated a turnover in the region of £50,000, with an adjusted net profit in the region of £10,000. Full financials can be made available upon further request.

Please quote reference B06180

Property Information

Property:

Leasehold

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