Businesses of this nature rarely appear for sale on the open market therefore we are pleased to offer this highly respected fine art framing business and gallery for sale in the flourishing market town of Thirsk, North Yorkshire. Spectrum has been run by the same husband and wife team for the past 12 years. During this time, the business has developed and grown into a highly successful and profitable concern whose reputation has been built largely on customer recommendation. The business is run on a 5 day a week basis and approximately 70% of income is derived from framing with 30% or so from gallery sales. The gallery works with several publishing companies and artists and most stock is purchased rather than being held on a sale or return basis. Equipment necessary for the efficient running of the framing business is included in the asking price. The current owners are willing to provide framing training, advice and guidance, if required, as part of the sale and handover.
ACCOMMODATION ( note, all dimensions are approximate )
Front Sales area approx 17 sq m being presented as an art gallery with numerous pictures displayed. Step up to:
Rear Sales area approx 21 sq m utilised for customer consultation, framing and housing a computerised mount cutter ( on lease) Wall mounted glass and board cutter, Morso cutter for mitred joints etc, Underpinner and compressor. There is also a manual mount cutter in the store room.
Kitchen / storage approx 20 sq m having modern sink unit and range of base cupboards. Small storage lobby.
Staff WC off the kitchen / store.
The premises are shown on the Valuation Office Rating web site as having a RV of £3550. Under current arrangements for small businesses, no rates should be payable however interested parties should check this information prior to proceeding.
The property is held on a lease which expires in Februaury 2020 however it is envisaged that the buyer will take a new lease from a date to be agreed. The current rent is £6000 pa on an internal repairing and insuring liability. A large store located 50 metres from the premises is rented separately at £600 pa – it is up to the buyer whether they wish to continue renting this store or not – it is useful but probably not essential.
Accounts for year ended 31/8/2018 show sales of £90,836 with a gross profit of £54,101. We calculate that the adjusted net profit based on these figures is around £38,000. Over the past few months however, we are advised that turnover has continued to increase and has averaged over £10,000 per month, therefore there is every reason to believe that the profit for the coming financial year will be considerably higher. Our clients have no staff and overheads generally are very low. The business is currently open Tuesday to Saturday 9.00am to 5.00pm.and clearly there is the potential to increase opening hours in this busy town. Full accounts information is available to genuinely interested parties after having viewed the business.
The property has an EPC rating of TBA
The purchaser will be required to pay a contribution of £450 vat towards our clients legal costs and may be required to contribute towards the landlords costs of preparing a new lease.
Priced competitively for a quick sale at around £42500 sav. Stock levels vary around £12,500.
All prices and rents are deemed to be exclusive of any VAT which may apply
Where staff are employed in a business, it is possible that they are unaware of any impending sale,therefore it is essential that all viewings are arranged through us and no direct approaches should be made under any circumstances. Buyers will be required to provide details of their identity ( passport / driving license and two utility bills) and proof of funding ( bank statements / mortgage offer ).
Details and general information provided within these particulars have been confirmed by The Client, are given in good faith and are believed to be correct, however all proposed purchasers/tenants must satisfy themselves as to the correctness of the information provided. We understand that all services and items of equipment are in functional order, but no warranties can be given in this respect. Neither the agents nor any person in their employ bind themselves in any way, nor are any warranties given as to the correctness of the information provided. No part of these particulars form part of any contract or agreement for sale or lease.
- Established Business
- Accounts Available
- New Lease
- Retirement Sale
- Town Centre location