Sale of family-run convenience store and newsagent in Stockton exchanges
Specialist business property adviser, Christie & Co has exchanged on the sale of Newsmarket, a traditional family-run convenience store and newsagents in Stockton-on-Tees, county Durham.
Situated on the busy Yarm Road in a residential area of the north east market town, with other complementary businesses located close by, Newsmarket has been run by the same family for the past 34 years and has built a strong local clientele during this time. The family made the decision to bring the business to market through Christie & Co’s retail team to retire from the sector.
The store has been acquired by Srigowripala Langeerthan, a purchaser from the South of England. He comments, “I was looking for a lifestyle change after years of managing different shops and was hoping to invest in my own business. The support I got from Andrew was invaluable. He was always looking for ways to help and guide me to complete the transaction flawlessly.
“Having been in the same hands for 34 years the shop needed a bit of updating. I have invested heavily in both stock and store appearance, increasing the ranges we stock, installing a new coffee machine this week and introducing E-cigarettes and E-Liquids which are proving to be popular. I have also invested in better lighting, new open fridges and window advertising and seeing sales improvement already. I am really hoping to work with Andrew soon on other projects.”
Andrew Birnie, Director in Christie & Co’s Newcastle office handled the sale and adds, “The business is highly visible on a traffic-light-controlled junction and offered traditional newsagents and off licence products. There is huge scope for modernisation and the introduction of new products, services and branding; something which many of our buyers are looking for, to improve trade and add their own initiative to the business going forward.”
For further information on this press release, contact:
Bronte Hughes, Corporate Communications Executive
P: 020 7227 0794 or E: bronte.hughes@christie.com
Contact the agent:
Andrew Birnie, Director
P: +44 07734 553 272 or E: Andrew.birnie@christie.com
