09 August 2017 | Retail Mortgages

Spar Polzeath Store in Cornwall changes hands

Specialist business property adviser, Christie & Co has brokered the sale of The Spar Polzeath in Cornwall with funding secured through specialist commercial finance broker, Christie Finance.

Spar-Polzeath-(web)-(1).jpg

Gareth and Gill Pugh owned and operated the store, which is the busiest Spar in the country, for 14 years. They have now sold the business to an expanding local convenience store operator whose aim is to expand into the North Cornwall area.

With Mr Pugh's history in commercial banking in London, his dedication to detail and decision-making took the store from strength to strength over the years. Mr & Mrs Pugh are now looking forward to their retirement and being able to spend more time in their local home.

William Trott, Business Agent at Christie & Co handled the sale and said, "We were delighted to handle such a influential sale on behalf of both Mr & Mrs Pugh, who after deciding to retire and putting the store on the market, was offered the chance to do so thanks to an offer from a highly-reputable local operator.

“It’s very unusual to see a store of this size and quality come to the market in this impressive area, so we were not surprised by the level of interest we experienced. The new owner is making a conscious effort to expand within the North Cornwall area, so this opportunity was ideal.

Coastal village businesses are continuing to be a favourite with potential buyers, especially given the prospects for a seasonal boost in footfall."

Whilst the vendors have secured their retirement, the buyers are expanding their retail operation. Jimmy Johns, Finance Consultant, supported the new owners, Mr & Mrs Bal to obtain funding to purchase the business.

He comments, "This was a difficult transaction to progress due to the size of Polzeath and Leasehold nature of the business; however with Christie Finance’s specialist knowledge and experience in this sector we were able to work with our client to secure the funding of this purchase.”

“Not only did we provide the funding line to purchase we also provided support and guidance the buyer at every step of the way”