Seaton Sluice store is sold in £150,000 deal

A village convenience store has been sold to an experienced operator after the owner decided to retire.

Monday, 9th September 2019, 12:10 pm
Updated Wednesday, 18th September 2019, 8:10 pm
The Premier branded store in Seaton Sluice.
The Premier branded store in Seaton Sluice.

The Premier branded Seaton Sluice Convenience Store has been sold in a deal overseen by specialist business property adviser Christie & Co.

Following 16 years of ownership, Beenish Malik decided to sell the Seaton Sluice shop so she could pursue retirement.

The store – which provides an essential service for the local community – has been acquired by experienced operator, Davinder Singh, who also owns another store in the area.

He said: “I am looking forward to updating the store and improving the stock range available to customers.

“We will make some small changes that will help the customers have a better shopping experience with us.”

Andrew Birnie, director at Christie & Co who handled the sale, said: “We have sold businesses for Ms Malik’s family in the past and, as we specialise in the sale of trading convenience businesses with property in the North East, we tend to work with repeat business over the years.

“It was a pleasure to help our client to sell her business and reach retirement as desired.

“In this instance we created a new lease rather than selling the whole freehold. This is an option some take when looking to retire from running their business but wishing to hold on to the property for a long-term investment and regular income.”

The store was sold off an asking price of £150,000 for the leasehold interest.