Large Furniture Retailer Michael O'Connor for Sale in Middlesbrough North Yorkshire
Middlesbrough, North Yorkshire
- Status
FOR SALE
- Advert ID
639582
- Reference
220853850 / Rightbiz
- Call Agent:
- Leasehold: £267,500
- Rent: £124,000 (£10,333 per month)
- Turnover: £1,250,000 (£24,038 per week)
- Profit: On request
Key Features
- Large Business for Sale
- With Car Park
- Retirement Sale
- Town Centre location
Business Details
Business For Sale: Large Furniture Retailer, Teesside
Business For Sale: Large Furniture Retailer, Teesside
Michael O'Connor Furniture & Michael O'Connor Beds & Bedroom Centre
Parker Barras are delighted to bring this long established and well respected furniture retailing business to the Market.
Michael O'Connor who are one of the premier furniture retailers in the country and were founded in 1983 currently operate from 2 retail venues and a warehouse facility for stock.
Michael O'Connor Furniture which is furniture superstore measuring over 10,000 SqFt and located at Portrack Retail Park, Holme House Rd, Stockton-on-Tees TS18 2SB
Michael O'Connor Beds & Bedroom Centre which is a large retail store located at Unit 3 Roadside Retail Park, Skippers Ln, Middlesbrough TS6 6UU
Each property is held on a lease as follows.
Portrack Retail Park - 10 Year Lease from December 2020 - £80,000 Per Annum
Roadside Retail Park - 11 Year Lease From July 2020 at £26,000 Per Annum
Warehouse - - 5 Year Lease From February 2023 at £18,035.35 Per Annum
The business trades to a high level, with turnover above £1 million for the previous 5 years.
Accounts are available upon request and a relevant NDA being signed
Alongside offering the 2 retail locations the business also has a comprehensive website which accounts for around 25-30% (this includes telephone orders) of total turnover. With a large boost in online shopping in recent years it is believed that this could be further increased to boost turnover. Currently the business does some Pay Per Click campaigns and occasionally some direct mail for larger promotions. There is further scope here to tap into the marketing aspect of Michael O'Connor and boost turnover.
Full staff team in place, the director would require replacing. A potential handover period may be offered.
All stock is included in the price, at the last yearly stocktake this was around £184,000 - although this does fluctuate it remains similar through the year.
Sale Price - £267,500
Please note, there is no direct approach to be made. For further information please contact our office.
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Do not pay any deposit to private sellers upfront. If you are looking to purchase a business, we advise that any deposits or transactions made are through a solicitor to prevent fraudulent activities from occuring.
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Don't share confidential information with any private sellers, including your home address, account passwords, bank accounts and credit card information.
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The vast majority of these scams involve the transfer of substantial sums of money. We advise all transactions made are through a solicitor to prevent fraudulent activities from occuring.
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Send a test amount before you consider handing over a large number of funds. Maybe even try transferring £1, and then speaking to your solicitor to confirm receipt.
Stay Safe
Do not disclose proof of funds directly to the sellers. If the sellers request you to show proof of funds, we advise that it is done through a solicitor to prevent fraudulent activities from occuring.
Stay Safe
Buying a business is not covered by consumer rights legislation. It is your responsibility to acquire a business that holds up in quality and agreement.
Stay Safe
Fraudsters will typically use false news in an attempt to get you to act quickly. For example, 'Your account has been disabled. Reset your password now.'.
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Review the performance of a business to make appropriate financial projections. Some businesses are dormant or not trading, so it is essential to check their short and long-term potential.
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