Convenience store in Tyne & Wear sold for the first time in 17 years

Convenience store in Tyne & Wear sold for the first time in 17 years

Posted 31 July, 2019 at 15:20

Author Mark Bradshaw on behalf of (ISW) Independent Shop Watch


Specialist business property adviser, Christie & Co has completed on the sale of a Spar branded convenience store located in the small village of Greenside, near Ryton in Tyne & Wear, to a first time buyer with funding secured through specialist commercial finance broker, Christie Finance.

Situated in amongst complementary businesses, the shop plays an important part in the local community, offering a range of convenience goods, as well as the post office services to residents of the village, which has successfully increase revenue.

Following 17 years of ownership, the previous owner decided to sell the store in order concentrate on other business interests.

The store has been acquired by first time buyer, Kasun Arachchige who has relocated to the North East from Hertfordshire with experience in the convenience trade. Mr Arachchige looks forward to becoming part of the community and plans to build on the business by getting to know the residents of the area in order to find out what improvements they would like to see in the shop’s services and stock.

Mr Arachchige comments, “I was looking to start my own business for a long time and one of my friends recommended I visit Chrisite & Co’s website, where I found this shop. When I went to see the area and shop in Tyne & Wear, I clarified that all information was true as advertised and decided to move forward with the purchase. That was a big step and I received all the support from Christie & Co and especially from Andrew Birnie, who helped me go through most difficult parts of the purchase.

“Alena Ray from Christie Finance was great. She had all answers and was patient when taking me through all the necessary applications to make the process easier. With her professional help, I was able to get the best deal to assist me with the purchase of the shop and can honestly recommend Christie Finance’s services.

“Now I'm looking forward to improving and increasing the service of the shop and becoming a part of the local community.”

Alena Ray, Finance Consultant at Christie Finance secured funding for Mr Arachchige’s purchase and comments, “Kasun has a wealth of ideas that he is looking to implement into the store to increase the offering. It was a pleasure to assist him with funding through EFG to acquire his first business. Kasun will be extremely hands on as an operator and I wish him luck in this new venture.”

Andrew Birnie, Director at Christie & Co handled the sale and comments, “This Spar branded store is an excellent business and presented an ideal opportunity for an owner operator to run a store with a more hands on approach. The symbol group branded convenience stores like this one continue to attract the most viewings and offers, as branded stores will typically have higher turnover than unbranded ones.

“However, there is a pool of buyers keen to find undeveloped stores with true potential to grow the business. New features buyers seek to add include coffee, food to go, fresh and chilled food range and if the store is not yet licenced, then alcohol is also a popular choice. Christie & Co continues to see high demand from buyers from across the UK keen to make the move to this area.”

The store was sold off an asking price of £155,000 for the leasehold interest.

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