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Sold. The Hardware Stores” Diy Retail Chain 2 Freehold Stores - Brechin And Montrose

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7 days a week
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Employees / staffing:
The vendors (husband and wife team) both work part time in the business through choice and operate from the Brechin store (circa 12 hours a week each). The business employs some 8 staff in total and this includes a Manager and Assistant Manager at the Montrose site and an Assistant Manager at Brechin. Staff are a real asset of the business and the both sites can and do operate on a day to day basis without the owners input. The business is relatively simple to run as the owner has invested in the back-office systems. Staffs are fully conversant with the systems (EPOS) so they can multi-task and complete a variety of tasks.

Financing available:
Financial performance: 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 business consistently achieves turnover of circa £900,000+ per annum. Resultant gross profits circa £300,000 per annum. Typically Adjusted d EBITDA circa £200,000 per annum (pre-director drawings) Net Assets circa £590,000 (comprising freehold properties circa £360,000 and high quality stock circa £230,000). Equally impressive figures have been posted over previous years as the business enjoys high levels of repeat business from its loyal customer base, benefitting from the fact it serves both trade and retail clients. There is huge potential to develop this business further. The vendor is pretty much reactive in their approach to business these days and there is huge scope to maximise additional opportunities that exist within its current customer base and beyond. Because it is an exempted industry the business has continued to operate during the coronavirus epidemic and has seen its sales increase £270,000 in total compared to corresponding months last year.
Support and training:
The current owner would be happy to provide full training and support at handover. This should be a relatively simple transistion as the busines has excellent staff and systems in place.
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The Hardware Stores” DIY Retail Chain 2 Freehold Stores - Brechin and Montrose
Ref. AI043
Location : Brechin & Montrose, Scotland
Asking Price : £995,000 Inc. Net Assets
The Hardware Stores supply goods and services to the trade and DIY customers, selling household, electrical, decorating, gardening products, tools, fixings, fuel, engraving ( and key cutting.
The business is part of a large buying group, giving it all the benefits of a large multinational, and allowing it to offer a wide range of products at competitive prices to its customers. Currently it offers well in excess of 20,000 product lines from all the market leading companies.
The Hardware Stores has over 250 active trade customers as well as a large loyal retail following from the general public who support local businesses in both towns.
The current owners, a husband and wife team, are selling due to their wish to retire. However there is an excellent team of staff in place that will ensure a smooth and seamless transition of ownership. Staff include managers and assistant managers who run the business on a day to day basis, so much so that the vendors only work part time in the business, and this is through choice.
The business has enjoyed impressive sales and profitability over the years and is being presented as an excellent opportunity for a prospective buyer to capitalise on their hard work and grow the business further. It has a strong asset base (including the two freehold sites) and generates excellent returns.
With combined annual turnover consistently in excess of £900,000 that generates typical EBITDA of circa £200,000 p.a. (pre director drawings) and a net asset position of circa £590,000 this is a very successful and profitable business with a sterling reputation.

Expansion Potential
The market for workwear is growing. It is becoming more and more important for companies and their staff to portray the correct corporate image. This market is also supported through legislation in the way of health and safety and this presents ongoing opportunities to the business in the short, medium and long term, such is its wide and varied client base.

Market / Competition / Non-Competition Agreements
The business does limited self-promotion and marketing, preferring to rely on repeat business and referrals to generate sales. However it does have catalogues/promotional material supplied by its supplies as well as its own newsletter and limited social media presence. There is huge scope to increase its exposure should a new owner so require not least with the introduction of a website.