Property description
BUSINESS FOR SALE, BUSINESS UNINTERRUPTED - This excellent 'niche' business is totally dedicated to the Mother of the Bride / Special Occasion sector and is offered for sale as a going concern. The business which currently occupies a central location in the most sought after Somerset village of Wedmore, is a 'high end' emporium of beautiful ladies outfits. The superbly presented, spacious premises which is arranged over two floors, includes three distinct, comfortable and intimate trading areas. Offering 'Houses' such as Condici, John Charles, Ian Stuart, Paul Vassuer, Ispirato, Ronald Joyce and more, whether one may have a 'passion for fashion' or 'pure investment' aspirations this one will tick many boxes.The team are long-standing, most professional, experienced and passionate about the business which should result in a seamless handover.Excellent financial accounts are available to progressing party's (subject of confidentiality) and assignment of the premises lease has been agreed by the landlord (subject to landlord approval and satisfactory tenant references).Established for circa 25 years the sale is due to retirement.Sale price is plus VAT and in addition to Stock at Value (SAV). For the avoidance of doubt the incorporated company (registration number 05288179) is being sold.This super 'transparent' business is an exceptional opportunity not to be missed and is highly recommended by the agent.
Current Sales and Possible Potential for Growth
Sales (Turnover) of £567,020 were reported for the financial year ended 31 January 2015. Potential For Further Growth - building on the reputation and high standing that Compton House of Fashion has built and maintained over the past 25 years, it may be possible to expand into men's special occasion wear, bridal gowns and bridesmaids dresses, thus creating a one stop wedding centre.The web site could also be used to create this concept by offering other related products. At present the website is under utilised and therefore could be further exploited in order to create additional sales revenue.
Advertising and Marketing
Regular pages are taken in various Life Style and Bridal publications: covering the South West, Home Counties and South Wales.Website traffic is significant www.comptonhouseoffashion.co.uk and the business is rated by Google for the brands such as Condici, John Charles and Ian Stuart as listing one or two. Regular updates of Facebook are key and wedding blogs and Pinterest is used. Many bridal shops and wedding venues in the South West give their clients 'The Compton House of Fashion' £50 Voucher cards.
Client Base
Repeat business and client retention is impressive. There are circa 9500 entries on the in-house data base which is used for marketing purposes. Clients are located far and wide and the business is regularly surprised by the distance that their clients travel. Clients are welcomed by the team and all clients are treated to the same exacting standard.
Staff
The business owner now oversees the key staff members with regular meetings and guidance. Covering issues such as day to day running, sales performance and stock control. Having learnt the wisdom of 'delegation' the business owner has built and established a long standing, professional and truly passionate team, who are each responsible for their various and individual roles and sectors within the business. The team's philosophy is that they endeavour to make every client feel like a 'Duchess for a day'.
Hours
Monday to Saturday : 09.30hrs to 17.00hrs.
Business Premises
The premises occupies the ground and first floors of an attractive building located in the heart of the charming and most sought after Somerset village of Wedmore. There are a number of interesting village shops and historic buildings alongside, enhancing that 'destination' feel and providing considerable passing trade. The owners have invested heavily in presenting the correct feel and have continued to reinvest wisely each year, the latest improvement being the CCTV system which has the abililty to be monitored externally.The premises can only be properly appreciated from a full internal inspection which is strongly recommended. Accordingly, the following is intended to provide a brief summary only of the layout and facilities: The principal entrance from the High Street is via the cottage style entrance which opens into the reception/cash and display area, then onwards to the impressive ground floor sales and fitting areas. A grand stair flight rises to a galleried landing and vaulted ceiling display area, then through to two further sales and fitting areas. Ground floor shop front display / cash area circa 6.11m x 3.80mGround floor inner sales / display / fitting area circa 8.11m x 5.62mGround floor store room 5.68m x 1.73m (plus under stairs storage).First floor galleried display area circa 10.10m x 2.30mFirst floor sales / display / fitting area circa 10.16m x 5.21mFurther first floor sales / display / fitting area circa 7.09m x 3.73mOffice 4.09m x 3.80mStaff W/C and kitchenette is shared with the linked cafe staff(All sizes are approximate & should be considered 'nominal')Adjoining the premises is a super cafe / restaurant which is a real benefit and widely used by the businesses clients and of course husbands!!
WC Facility
The W/C and small kitchen facility is located on the first floor. There is a shared arrangement with the adjoining cafe.
Tenure
Leasehold - The landlord has agreed to assign the existing lease or is prepared to offer a new lease (subject to landlord approval and tenant referencing).The current rent is £23,352 which includes the buildings insurance.Terms are FRI (full repairing and insuring).
Legal Fees
Vendors and Buyers each to meet their own legal costs, however, where the lease is to be assigned from the vendor to the buyer via the landlord, the in-going party will also be expected to pay their own and the landlord's legal costs. If a buyer wishes to negotiate a 'new' lease, they will also be responsible for all their own and landlord's legal fees in total.
Rates
The premises has a current rateable value of £10,250. Note: This information has been obtained either from the current rate demand for the property, or by telephone from the local authority. The amount payable is standard rate for the rateable value shown. In some circumstances this may vary, and therefore it is recommended that potential buyers make their own enquiries through local authority to check whether the rateable value remains correct and whether the rates payable will be the figure quoted above.
Stock
The vendors advise that stock generally has a value in the region of between £175,000 and £300,000 depending on seasonal variance.The main season starts in January which is when the stock in is at it's maximum value. The vendors have confirmed that stock is relevant. Stock is kept in a meticulous manner, plastic suit covers are used.
Stock control and purchase
Careful and intelligent buying is essential, based on detailed analysis of the previous seasons performance by individual fashion houses. The key buying staff are over-seen by the principle, they completely understand the stock, houses, demand and potential. Suppliers have the confidence of a long standing trading history and therefore are, to a degree flexible and most efficient. Stock values range from £175,000 to £300,000.
Guide Price
Offers in the region of £250.000 plus vat are invited for the leasehold interest, business goodwill, equipment, fixtures and fittings (subject to inventory), plus stock at valuation (SAV).
VIEWING BY STRICT APPOINTMENT VIA THE AGENT. PLEASE DO NOT MAKE CONTACT DIRECTLY WITH THE BUSINESS
Property Features :
- This excellent niche Mother of the Bride / Special Occasion business is offered for sale as a going
- The business currently occupies, a central location in the sought after Somerset village of Wedmore
- A ´high end´ emporium of beautiful ladies outfits
- The superbly presented, spacious premises, arranged over two floors, offers three distinct trading
- A ´passion for fashion´ or ´pure investment´ this one will tick many boxes