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BUSINESS REFERENCE : AK033 / RightBiz JEWELLERY, CHEQUE CASHING AND PAWNBROKING BUSINESS | | | | | | Jewellery, Cheque Cashing and Pawnbroking Business Confidentially offered for sale Ref No:AK033 Location: Stoke On Trent Asking price: £75,000 plus stock at valuation | | | BUSINESS LOCATION: | Undisclosed Relocatable UNITED KINGDOM | | BUSINESS SECTOR: | Retail | | TRADE TYPE: | Jewellers | | SALE: | Agent Sale | LEASEHOLD: | £75000 | | | | | | | | | | | BUSINESS DETAILS: | Business Profile:
Established some twenty years ago and under the tenure of the current owners for some 4 years this business represents an excellent opportunity to acquire a very well established and successful business that retails jewellery, both new and second-hand plus cheque changing (Western Union franchise) and pawn broking services.
The business has a very loyal and growing client base and changes well in excess of one hundred cheques a months and pawns over fifty items a month. In addition to this it sells a good range of jewellery both new and used and this area in particular has seen significant growth over the last few years.
Current turnover is steady and the forecast is for continued growth. The shop is ideally located within a pedestrianised area of the main shopping centre with good frontage and suitably fitted out to service its clients with safety glass and a large safe. The operation also utilises a tried and tested pawnbroking system that is well recognised within the industry.
The business enjoys very high levels of customer retention as well as gaining a high percentage of new business by word of mouth recommendation. With a trusted trading name, a discreet yet professional approach to business the company has earned an excellent reputation in the surrounding area over a twenty year period that in the right hands guarantees its ongoing success. There is very little competition locally.
Equipment:
All office equioment including computers, pawnbroking system, furniture, large safe etc are included within the sale.
Customer Service:
Discretion is at the forefront of the business’s approach to customer service. This ensures clients return on a regular basis and increases the exposure of the business’s services. As part of this the company provides a friendly efficient service whilst remaining profit conscious.
Key Strengths:
The business has built up an enviable reputation over a twenty year period and a presence in the community for providing a very efficient worthwhile service. The retail side of things is going from strength to strength and the business has a good balance. Overall turnover is evenly split between the 3 core business functions, namely pawn, cheque cashing and retail sales. Location is ideal with the premises located just off the main high street enabling clients to discreetly browse or enter the business quickly and easily. The business is able to respond quickly and positively to customers requests and over the years they have built up a reputation for honesty, integrity and for being easy to deal with.
Growth and Expansion:
There is the potential of substantial growth in all areas of the business but in particular cheque changing and the retail side of things. Larger stock and a bigger range would certainly increase footfall and result in increased sales.
This Company has achieved an excellent reputation for quality and service with recognised name. Consistent growth will be achieved by building on this success.
Key Opportunities:
Several opportunities exist for the business including the provision of loans, both secure and cash as it has the trading history and reputation to easily acquire the relevant licenses to provide this service. Further marketing activity would also increase sales as the business undertakes very little at this time, as would the development of an online presence in the form of its own website and potentially an E-Bay type shop presence to promote the retail jewellery sales.
Employees:
The business is currently run by the vendor on a full time basis with 2 two experienced part time assistants. All staff are conversant with all aspects of the business.
Advertising and Marketing:
By its own admission the business undertakes very little in the way of advertising. It currently has entries in The Yellow Pages and Local BT Phonebook. It would certainly benefit from further activity in this area.
Premises:
The premises are leasehold. Current rent and rates is circa £10,000 p.a. The business is located just off the main pedestrianised shopping area within the town. It has excellent shop frontage, an access controlled entrance door and safety glass partitioned service area to deal with clients. There is a main open plan office to the front with a separate small office to the rear on the ground floor. There is also a basement that is currently used for storage. Total ground floor circa 600 square feet, basement is circa 750 square feet. All services are connected to the property.
Business Hours:
0900-1700 Monday to Saturday
Security:
The premises are very secure. All windows have safety bars across, the entrance has access control and all doors/ windows have roller shutters fitted. The building is alarmed and also has internal CCTV.
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. Turnover for the last financial year was £132,000, giving a Gross Profit of £106,000. Adjusted Net Profits circa £35,000. Stock figures are usually in the region of £50,000.
Reason for Sale:
The owner wishes to develop their other business interests.
Support and Training
The owner will provide full business familiarisation, training and handover as required to ensure a smooth transfer of the business to new owners | | | | | BUSINESS STATUS: | FOR SALE | | | | | SELLER: | TURNER BUTLER | | CONTACT: | 01895 25 6000 | | REFERENCE: | AK033 / RightBiz | | ENQUIRIES: | | | | | | | | | | | | | | | | | | | | |
