8/31/2018 | Retail Mortgages

Jubilee Stores bought by first time buyers

Business partners Mr Sadagoban Jeyakumar and Mr Mamangam Mayuran have recently purchased the lease of Jubilee Stores in Shelton Lock, Derby with funding secured by specialist commercial finance broker, Christie Finance.

Jubilees stores is situated in a densely populated area surrounded by houses and schools, currently trading as a traditional convenience store selling food, newspapers, confectionary, tobacco and off license products. The property itself includes a retail unit and a two bedroom flat which generates another income stream for the business.

The new owners are experienced retailers who have managed several retail outlets. Sadagoban currently works as a voice routing manger and prior to this worked as a retail manager in London on behalf of CashCo Express Convenience Stores. Mamangam worked as a retail sales assistance for Londis before becoming a shift manager for McDonald’s in one of their busy London stores. Both partners have the relevant management and customer service experience to successfully purchase and run their own retail store.  Sadagoban and Mamangam will remain in their current employment though will be reducing their hours to part time to run Jubilee Stores.

The store has recently undergone refurbishments including the instalment of LED lighting, EPOS system, cameras and new fridges. The new owners are planning to update the décor of the store and gradually introduce new stock beginning with fresh groceries.

Mr Jeyakumar comments “Lawrence quickly understood our request and supported us in obtaining the funding we needed. Even after sourcing the funding, Lawrence was on hand to support and assist us throughout the whole journey which made the process easier to manage. I would recommend Christie Finance to new and existing convenience store operators who want a broker who can deliver an excellent outcome and service.”

Lawrence Roberts, Finance Consultant at Christie Finance comments “It was great to work with Sadagoban and Mamangam on this deal. Despite the fact they are both first time buyers, they already have a wealth of experience working in the retail sector. Jubilee Stores is an established business maintaining strong profits which I am sure will continue to grow under their ownership”. 

Karmen Freimuth, Business Agent – Retail at Christie & Co handled the sale and comments, “I am delighted to have handled the successful sale of this profitable convenience store, and I wish the new owners the very best in their new venture.”