A Premier branded convenience store, Tantobie Stores, in Stanley, County Durham, has been sold through Christie & Co, off an asking price of £485k.
Tantobie Stores is a well-fitted convenience store which also comprises a newsagent, lottery, and pay point top ups for gas, electric and other essential services. The business additionally comes with three-bed accommodation.
The store is located in Stanley, a former colliery town and civil parish in County Durham, centred on a hilltop between Chester-le-Street and Consett, and south west of Gateshead. The business sits on the main route through the town, and benefits from being the only shop for a few miles around.
Tantobie Stores was previously owned by Adnan Khan Awan who purchased the business through Christie & Co in 2013. After seven years of very successful trading, Awan decided to sell in order to pursue other business interests.
The store has been acquired by local businessman, Rajan Kumarasamy who has plans to maintain the high standards of local customer service and build on this well-established town shop.
Andrew Birnie, Director of Retail at Christie & Co, who handled the sale, commented, “I knew when Adnan rang me to come and see the business that it was one we wanted on our books.
'We have a selection of buyers looking for quality businesses like this, both locally and nationally. Before the pandemic, these stores were profitable, and are even more so now that the average spend per customer has risen.
'People are carrying out their weekly shop, not just top ups, in convenience stores, so Mr Raj will be extremely busy working many extra hours managing a new business just at the time trade has taken off!”
Matthew Gudgeon, Finance Consultant at Christie Finance, who assisted the sale by arranging a loan for Kumarasamy, said, “The purchase of Tantobie Stores was an excellent acquisition for my client. Rajan has an abundance of experience in running convenience stores, having gained ten years’ experience working in convenience retail.
'The store is conveniently located close by to his existing businesses which will enable for ease of management. I wish Rajan the very best in embarking on this new venture and I am confident he will make a real success of running the store.”