Hewlett Stores, a freehold Londis-branded convenience store in Cheltenham, Gloucestershire, has been sold off an asking price of £750k via Christie & Co.
Hewlett Stores has been owned and operated by Mr and Mrs Kotecha and their son Jack for over 40 years, with the store coming to the market to allow the couple to retire. The business is well established and offers an ideal platform for an owner or regional operator to take it forward and build upon its excellent trading position.
Jack Kotecha commented, “After 40 years as owners of Hewlett Stores, we can now happily retire and hope the new owners continue the role of a much-loved community store. Christie & Co have offered a smooth transfer of a historic property and our agent, Jamie Williams provided an outstanding service.”
Experienced operators, Subramaniam Sooriyakumar and Suman Chandran have bought the store. Subramaniam commented, “The immediate plan is to keep the business as is, add more stock and gain a feel for the business to see what works well in this area. However, we have plans to do a complete refit in the near future to modernise the business.'
Jamie Williams, Business Agent at Christie & Co who brokered the sale, said “Hewlett Stores is a fantastic freehold opportunity in a prime location. Similar sites are rarely available, so it was unsurprising that we generated over 20 viewings and 18 offers on the business. We wish our client an enjoyable retirement and Mr Subramaniam Sooriyakumar and Mr Suman Chandran the best with their new venture.”
Jimmy Johns, Director at Christie Finance, who secured the funding for the new owners, noted, “Despite this being a challenging and protracted transaction from a sales perspective, we were able to get funding agreed and maintain this agreement throughout the process – a great example of team work between Christie Finance and Christie & Co.”