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BUSINESS REFERENCE : AE023 / RightBiz ANTIQUES CENTRES TWO SUPERB HIGH PROFILE MULTI-DEALER SITES | | | | | | Renowned & Established Antiques Centres Two superb high profile multi-dealer sites Confidentially offered for sale Ref No: AE023 Locations: North Of England Asking price: £195,000 Consistent turnover for both centres circa £775,000 Commissions/rental in excess of £270,000 p.a. Adj. Net Profit for 2007 circa £66,000 | | | BUSINESS LOCATION: | Undisclosed Relocatable UNITED KINGDOM | | BUSINESS SECTOR: | Retail | | TRADE TYPE: | Art Galleries | | SALE: | Agent Sale | LEASEHOLD: | £195000 | | | | | | | | | | | BUSINESS DETAILS: | Business Profile:
The business operates from two substantial city centre properties, which together offer trading space for up to 110 antique dealers. The dealers rent showcases or floor space from the business with all rentals being paid in advance.
The business operates from two enviable sites in desirable , high profile premises. They are situated in two of the most popular tourist centres in N. England, with a reputation for antiques and with historical interest.
Both centres offer quality datelined antiques with many specialist dealers located there who are known nationally within their field. The variety of stock includes:
• Period, Victorian, Edwardian and Art Deco furniture
• Clocks and watches
• Oil paintings, watercolours and prints
• Georgian to Edwardian silver and silver plate
• Porcelain, pottery and glass
• Antique lighting and chandeliers
• English and Oriental textiles, lace and fans
• Jewellery
• Bronzes and Objet d’art
• Mirrors, coins,militaria, toys, books and collectables
The company offers a management service which oversees all aspects of each dealers account. This includes sales, packing and organising shipping and delivery. In addition to the rental fee all dealers pay the company on all sales transacted on their behalf. The company currently charges 5% or 6% related to turnover.
The success of the business rentals has been the opportunity to offer a flexible trading environment for up to 110 individual dealers on prime city centre sites at a vastly reduced cost compared to an individual retail outlet. The dealers have the benefit of secure premises including all utilities and full staffing. The staff are able to promote sales by having a large well established clientel and to locate items to meet customers demands from two centres and a nationwide network of dealers. The success of the business sales is by offering a large variety of quality antiques which is incomparable in the north of England.
One of the sites also has a well established and equipped café/restaurant which is operated by a tenant, with the opportunity to establish a similar operation on the second site. A3 permission has been granted. Both premises are licenced to sell alcohol.
Equipment:
Both sites have quality fittings and are well presented, with major refurbishment and redecoration work having been undertaken in 2002. Each site has a huge stock of quality glass display cabinets available as well as a computer system. safe and office furniture. All fixtures and fittings are included.
Customer Service:
For Dealers- The centres offer a full management service. There is no requirement to attend as the centres are fully staffed by independent managers and sales staff. Many of the staff have been employed for many years and have an excellent relationship with the individual dealers and work with them to maximise their sales and profitability.
For Customers- Both centres are committed to offering an excellent professional and reliable service. Two sites with some 110 specialist dealers enable the business to source items required by customers quickly and efficiently with the advantage of being able to easily transport goods to either site to meet and exceed customer’s needs.
These levels of customer service are further demonstrated through the business’s numerous awards and nominations it has received over the years.
Key Strengths:
These two prominent sites offer a well established business with the flexibility and potential for future growth. The centres display a huge range of datelined antiques that is unparalleled in Northern England. No other centres have consistently exhibited the variety and quality of stock over 20 years. Because of this the business has built an excellent reputation within the trade and enjoys a good loyal spread of clients.
Both centres attract specialist dealers as tenants through reputation. The business has never needed to advertise rental space, and has maintained a high level of occupancy for 20 years.
Advertising and Marketing:
The centres are members of the local tourist board. Advertising is local, national and international.
One site has the full support of the Tourism bureau that is very pro-active in marketing in the national press. The centres are regularly featured in the prestigious glossy magazines.
Growth and Expansion:
The business has such a strong brand name and reputation within the industry that it is understood that further outlets throughout the UK would increase the profitability and turnover of the business further. Research has already been done to identify new sites and many of the current incumbent dealers would support such expansion. This business model could be expanded via franchise type arrangements.
Key Opportunities:
The strength and reliability of the sales revenue built over 20 years has provided a springboard for future growth through diversification. The antiques trade has shown a movement towards the interiors market in recent years and this represents a huge target market for the business. There is potential to add such new goods from the design interiors market into the centres. The ability to accommodate the majority of existing dealers in both centres into a ground floor operation and develop the upper floors of the sites for related products offers a new source of income growth.
Development of internet sales is considered another major area of future growth potential. The two centres currently display some 25,000 items in stock but the current owner does not have the expertise to develop this market. A feasibility study operating for 3 months last year resulted in an increase in sales of 20% when only 300 items were offered for sale! Any future buyer wishing to take advantage of this opportunity could create one of the largest single internet selling sites in the UK backed up with the credibility and benefit of 2 city centre sites.
Employees:
Both sites have a comprehensive team of people meaning the owner is not required to work within the business.
Site 1
Full Time Manager
Full Time Assistant Manager
Full Time Administrator
5 Part Time Sales Assistants
Site 2
Full Time Manager
Part Time Assistant Manager
2 Part Time Sales Assistants
Business Hours:
Site 1.
9.30am -17.30pm Monday to Saturday.
10.00 -17.00 Sunday. (One site only at present)
Site 2.
9.30am -17.30pm Monday to Saturday.
Premises:
Site 1 is an impressive Georgian Grade 2 listed building with many of the original features retained within the building including a magnificent period staircase and imposing frontage. Based in the city centre the accommodation comprises circa 3,500 square feet of prime retail and display space spread over several rooms on two floors. There is also toilet accommodation and a walk in vault in the basement. The premises have excellent natural light and good floor to ceiling heights. The building is leasehold with current 12 year lease expiring in 2011. Full option to extend or for a new owner to take out a new lease upon expiry. Lease allows for subletting the first floor.
Site 2 is located on the ground and first floors of a very well known building close to the main retail area of the city. The property is brick with a slate roof and has a prominent entrance facing a main street of the city. It has the benefit of A1 and A3 use. Total floor space is circa 3000 square feet comprising display areas and offices as well as a 35 cover café restaurant. This building is leasehold with the current 10 year lease expiring in 2011. Full option for a new owner to takeout a new lease upon expiry. The landlord may also consider the sale of the freehold subject to negotiation.
Security:
Both premises are fully alarmed and have Red Care cover.
Financial Information:
The business is being offered for sale on a going concern basis, all financial discussions will take place directly between the vendor and all interested parties under the auspices of Turner Butler.
The current turnover for both centres combined is in excess of £775,000 per annum. This in turn provides rental and commission income circa £270,000 with an adjusted net profit in the region of £66,000 p.a. The business represents an opportunity to acquire a well established profitable business with a reliable and consistent income, not to mention two superb high profile leasehold city centre sites with a combined offering in excess of 6000 square feet. The asking price includes all fixtures and fittings and equipment offering the benefit of a smooth transition with no additional capital outlay, as well as many opportunities for future expansion.
The owner is prepared to consider selling the sites separately.
Reason for Sale:
Retirement
Support and Training
The current owner is prepared to oversee a smooth transition and offer any operational assistance if so required | | | | | | FOR SALE | | | | | SELLER: | TURNER BUTLER | | CONTACT: | 01895 25 6000 | | REFERENCE: | AE023 / RightBiz | | ENQUIRIES: | | | | | | | | | | | | | | | | | | | | |
