business

CY0342L

WELL ESTABLISHED CONVENIENCE STORE FOR SALE IN NICOSIA

 
Business Type: Convenience Store
Location: Nicosia Centre, Nicosia, CYPRUS  
Type of Tenure: Leasehold
Business Reference: CY0342L
Asking Price: € 145.000
Annual Turnover 722000
Gross Profit Margin 14%
Monthly Rent 1200
Stocks (at cost) 40000
Reason for Sale OTHER BUSINESS
Accounts Available 2020 (audited)
Years Established 25
Incorporated Business Yes (Limited Co)
Relocatable Business No
Car Parking 3 spots free on street, plus 2 private spots in the back
Vendor Financing Negotiable
Full-time Employees 1 (Owner/Manager)
Part-time/Seasonal Employees 2
Internal Area 90 sq.m. (980 sq.ft.)
Terrace Area 30 sq.m. (327 sq.ft) with retractable canopy
Mezzanine Area 50 sq.m. (538 sq.ft.)
 

Description

This well established and profitable Convenience Store has been trading from the same location for 25 years. It’s a low-risk, sustainable and profitable business which provides the owner/manager with a cash flow in excess of €70K annually. After operating this store for practically a lifetime, the owner/manager is ready to move on and do something different, which is the only reason he is willing to sell.

Location:

The Convenience Store is located on a very busy avenue which has heavy commuter traffic in both directions all day, but especially mornings and afternoons. The neighbourhood is densely built with residences, apartments, offices, shops, schools and public buildings, so in addition to passers-by & walk-in clients, there is steady business from locals.

There are no other convenience stores nearby, the nearest one being about 2km on the way out from Nicosia centre and not very advantageous with respect to location.

Unlike most other town-centre stores, there is a parking-bay on the avenue at the front of the shop, which is very convenient for customers – they can park for free, quickly and safely, while they do their shopping.

In addition the store is highly visible from all directions.

Premises & Equipment:

The shop has a large frontage on the main avenue (about 12M / 40 feet) and consists of a ground floor and a mezzanine accessible from an internal staircase. All Retail space is on the ground floor, the mezzanine is used mainly for storage and personnel toilets.

In addition the shop has a large terrace upfront, adjoining the public pedestrian pavement. This terrace has a retractable canopy and is important for clients who want to browse newspapers, magazines and other items on display outside the shop, or just to have a coffee/soft drink on the spot.

The shop is fully air-conditioned, with security cameras in all areas, an alarm system and an electronic POS. All security cameras are monitored from the cashier station on a large screen. Value-at -cost of all equipment and fixtures in the shop, including refrigerators, TVs, shelving and the above, is around €24.000.

Business:

The business has all necessary permits and licenses: Town Planning permit, Business license, tobacco and alcohol licenses.

The shop carries all items allowed by regulations for Convenience Stores. This includes non-perishable foodstuff, dairy products, snacks, soft drinks, alcoholic drinks, bottled water, sweets, cigarettes & tobacco products, newspapers & magazines, stationary, greeting cards and a wide range of other convenience store items.

Given the size of the premises, a large variety of items can be stocked, with stocks-at-cost ranging around €40.000. Most stocks are purchased, with a few only being on consignment, such as branded Greeting Cards.

Needless to say, all receipts are in cash/credit card while purchases of stocks are settled in 30 days, therefore working capital is not an issue. This business is a “cash-cow” and has no debt.

The owner/manager employs two part-time staff, since the shop is open from 5:00am until Midnight (19 hours). The total monthly gross payroll for two P/T employees is only EUR 1.600 (excl. the owner/manager who is F/T).

Sale offer

Owner’s takings in cash are in excess of €70K annually, therefore the Asking Price of €145K is very reasonable at just 2X owners takings. Stocks-at-cost are not included and will be added after stock-taking on the date of sale (estimated around €40K).

The new owner will not need working-capital or any additional investment, this business will generate a healthy cash income from Day 1.

The business owner is a limited company, therefore the business transfer can be done easily (and tax-free) via a share sale.

 

Photos

  • The present business is offered for sale by DealMasters.  Any information downloaded or printed is intended strictly for private use by you as a Registered User of our web-site; it may not be copied, published or distributed in any manner. 
  • You are advised that this is a confidential sale, therefore no direct approach to the business owners or business premises should be made and all viewings should be arranged through DealMasters. 
  • Prior to disclosure of the identity of the business and/or its owners, business financials and other operational details, interested parties will sign the standard Confidentiality Agreement, which can be downloaded here or sent to you by fax upon request.
  • We do not perform any due diligence on businesses for sale, business owners, or the information provided by them.  Such information is passed on by us without any guarantee or responsibility. Interested Buyers are strongly urged to perform thorough due diligence prior to acquiring a business
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