Convenience store in Stoke-on-Trent finds new owner
Lodey’s Supermarket, a Nisa branded local convenience store in Stoke-on-Trent, Staffordshire, has been sold through specialist business property adviser, Christie & Co, to first-time buyers with funding secured though specialist business finance broker, Christie Finance.
Recently refit to a high standard, the 2,500 sq ft convenience store features a range of retail units and a deli counter. The property also provides substantial storage space to the rear of the building and on the first floor. The store is situated in residential area and benefits from consistent trade throughout the day. Currently trading from 9am to 6pm Monday through Saturday, the store presents tremendous opportunity to improve sales by extending the opening hours.
Lodey’s Supermarket was previously owned by the Lodey family, who are well known in the area and own various local businesses. Following nearly 13 years of ownership, the family decided to sell the store and wish the new owners every success in their new venture.
New owners and first-time buyers, Saytendra and Deepthi Katneni are experienced retailers, having worked for well-known retailers, such as Burger King, 99 Stores and Shell. The couple plans on relocating to the area to run the store, with Deepthi operating the store full time with the support of her husband. Once fully immersed within their new roles as owners, the couple plans on extending the opening hours of the store to include a Sunday opening.
Mr Katneni comments, “It was a great to work with Lawrence Roberts of Christie Finance on securing the funding needed to purchase Lodey’s store. Initially, I thought that the funding side would have been the problematic aspect to this transaction however, Lawrence was able to secure fantastic terms in a short space of time. Throughout the process there were issues, Lawrence was always on hand to offer advice, support and resolutions to any issues that arose. I truly think that without the help of Lawrence, I would not have been able to purchase the store. I am now looking forward to the future at Lodey’s and when thinking of purchasing again, I will be contacting Lawrence at Christie Finance to assist with funding.”
Lawrence Roberts, Finance Consultant at Christie Finance secured funding for the purchase of Lodey’s Supermarket. He comments, “It has been a pleasure working with Saytendra and Deepthi to purchase their first retail store. Their previous experience working within the retail sector has equipped them with the knowledge and skills required to make a success of running the business and maintaining its profitability. I wish them all the very best for the future.”
Stephen Bell, Senior Business Agent at Christie & Co comments, “We are pleased to have completed on the sale of Lodey’s Supermarket. Mr Katneni is looking forward to getting to know the local client base and maintaining the relationships that the Lodey’s have built in the last decade. I wish the Lodey family the best of luck with all future ventures.
“There is strong demand for both leasehold and freehold retail businesses in Staffordshire, which was strongly evidenced by enquiries for Lodey’s Supermarket even after it was under offer.”
Christie & Co sought an asking price of £339,000 for the freehold interest of Lodey’s Supermarket.
