Sanders Newsagents in Stockon-on-Tees sold after 33 years of ownership
Specialist business property adviser, Christie & Co, has announced the sale of Sanders Newsagents in Stockton-on-Tees. Funding for the buyer was sourced through Christie Finance.
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Sanders Newsagents is a traditional village business that has developed over the years to include a convenience store, off licence and Post Office, with a spacious apartment above which is ideal for an owner/operator. The business is well positioned on a busy residential street through the village of Fishburn, Stockton-on-Tees.
Sanders has been owned by Mr Rashpal Singh for the last 33 years and was brought to market to allow him to retire from the retail trade and try out a new challenge.
Following an open marketing process, it has been purchased by Mr Heshanth (Babu) Theivendrarajah who has a couple of convenience stores within County Durham, including Mainsforth news & food store in Ferryhill which is currently on the market through Christie & Co.
Babu wanted something larger to focus his time on, so Sanders is a perfect fit for him. After a period of settling in, he plans to carry out a refit and choose new stock lines to enhance the shop for villagers and regular customers.
Andrew Birnie, Director – Retail at Christie & Co, who handled the sale, comments. “I’ve known Billy (Rashpal) since I started working for Christie & Co in 2003, and so I was really pleased when he asked me to sell Sanders for him! It’s a great business on the main road, with a bus stop outside - literally delivering customers to the front door - with handy parking for passers-by and a good customer base from the densely populated housing of the village. The addition of the Post Office helped footfall a little and I know the new owner has plans to modernise the shop further once he settles in.”
Lawrence Roberts, Associate Director at Christie Finance, who sourced funding for Mr Theivendrarajah, comments, “I am delighted to have been able to secure a competitive funding package for Mr Theivendrarajah. I am sure Mr Theivendrarajah will continue to build on the financial performance of the store in the future and would like to wish him all the best.
“We are still seeing positive support for our clients who are wishing to enter or expand within the retail sector, and we would recommend speaking to myself and my team at Christie Finance to discover what funding options you may have available.”
Sanders Newsagents was sold off an asking price of £249,950.
For further information on this press release, contact:
Bronte Hughes, Corporate Communications Executive
M: +44 (0) 7721 420 656 or E: bronte.hughes@christie.com
Contact the agent:
Andrew Birnie, Director – Retail
P: 07734 553 272 or E: andrew.birnie@christie.com
Visit Christie & Co’s Business Search page to find out more about current retail listings.