Costcutter Helmsley sold to experienced retail operator through Christie Group
The business is located on a vibrant high street in the attractive and sought-after market town of Helmsley, with a range of boutiques and independent shops nearby. In addition to a standard convenience store offering, the well-fitted store stocks quality local produce from farmers, such as soups and butchery products as well as fresh fruit and vegetables, making it popular with locals and visitors alike.
The previous owner made the decision to sell in order to focus on another store in his portfolio, providing an excellent opportunity for someone to acquire a well-established village convenience store.
The business has been purchased by Mr Quentin Wilson, an experienced operator in the retail and hospitality sectors. The store was very heavily relied upon by the Helmsley community during lockdown and Quentin intends to continue supporting and servicing residents, as well as growing the business by extending opening hours and adding services and products from local suppliers, with the help of customer feedback. A large focus will also be placed on employing local people to further support the community.
Quentin comments, “Andrew provided great support for us while purchasing the business and assisted us greatly at the critical point of the deal, as did Matthew who helped me secure the funding I needed to complete the sale. We want to ensure this store remains at the heart of the community and I wish to thank the Christie & Co network, as their help is an essential step in making this a reality.”
The purchase of Costcutter Helmsley was supported by Christie Finance, with Matthew Gudgeon, finance consultant securing the funding for Mr Wilson to acquire the business.
Matthew Gudgeon, finance broker who orchestrated the deal comments, “It has been a pleasure to work with Quentin on his acquisition of the Helmsley Costcutter Store & Post Office. Raising finance in the retail sector can be challenging as lenders exercise caution towards a sector which is undergoing change. However, Christie & Co’s expertise and the strong relationships Christie Finance have with lenders allow us to successfully arrange finance with market leading terms for our clients. I wish Quentin and his family the very best of luck in the future.”
Andrew Birnie, director in Christie & Co’s Newcastle office handled the sale and adds, “The villages and small towns in North Yorkshire are popular with buyers seeking convenience stores of this kind, and despite the store rent being a little high, we received a number of interested parties before finding the perfect buyer due to Hemsley being such an ideal location. The post office is also inside the convenience store which adds to footfall and kept our client extra busy during lockdown. We wish both buyer and seller well in their futures.”
Costcutter Hemsley was sold off an asking price off £85,000 for the leasehold interest.