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Well Established Convenience Store In Nicosia For Sale

Nicosia, Nicosia District, Cyprus
Asking Price:
€145,000 Furniture / Fixtures included
Sales Revenue:
€722,000
Cash Flow:
€70,000

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 EUR1.600 (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.

Property Information

Real Estate:

Lease

Lease Terms:

Statutory Tenant, no expiry but review of rent every 2 years based on inflation index

Leasehold Rent:

€14,400 per annum

Location:

On central avenue in Nicosia with heavy commuter traffic and dense population within walking distance (apartments, offices, schools, government services, etc.). No competition nearby!

Premises Details:

Large frontage on the avenue (12m / 40 feet) and highly visible. Easy and free parking for up to 3 cars right in front (parking bay). The store also has a large terrace area adjoining the public pavement for displays, news-stands and cold drink- ice cream refrigerators. The terrace has a retractable canopy.

Inside the store is fully equipped with Air-conditioning, Security cameras, Alarm system, Electronic POS computer and flat-screen TVs. Upstairs there is a mezzanine which is used for storage, also personnel WC and small office.

Size in square feet:
1520 incl mezzanine
Planning Consent:

Town Planning permit for the Property business license for its use as Convenience Store. License to sell alcohol.

Business Operation

Expansion Potential:

Take-away has become very popular, especially for cold snacks, sandwiches and coffee.

Competition / Market:

There is no competition within 2km in either direction.

Reasons for selling:

The owner/manager has been doing this for 25 years - he needs to slow down / semi-retire

Trading hours:

5:00 am to Midnight, 7 days/week

Employees:
1 F/T and 2 P/T
Years established:
25

Other Information

Support & training:

Owner will provide hand-over support for at least 3 months

Owner financing:
Owner financing is available. Please contact the seller for more information.
Financing available:

Negotiable, provided at least 50% is paid upon transfer and with suitable guarantees for the balance

Furniture / Fixtures value:
€24,000 - included in the asking price
Inventory / Stock value:
€40,000

Contact Dealmasters D.M. Ltd

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