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.
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.
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).
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.