Reputable Formal Menswear Hire Specialist For Sale

Business
Please quote reference B06769

CoGoGo is delighted to present to the market Suits (Newbury), an exceptionally presented  formal menswear business.

Suits (Newbury) comes with over 20 years of trading history and is now being offered for sale to allow our client to concentrate on his other business interests.

Suits (Newbury) is an independent business specialising in Wedding suit hire.

There is a comprehensive retail and hire stock available on site, for hire or purchase –

• Evening wear
• Wedding attire
• Royal Ascot
• Highland wear
• Everyday suits
• Proms
• Made to measure

The stock is regularly updated with both classic and modern formal wear as well as an extensive range of accessories –

• Waistcoats
• Ties
• Neckwear
• Hats
• Footwear
• Cufflinks

The business is open six days a week and currently operates a ‘Appointment Only policy to allow space for social distancing.

There is both an excellent website and Facebook page available detailing the comprehensive choice of clothing/accessories which allows new customers to see the ranges before making an appointment.

We are advised throughout peak wedding seasons, the business regularly caters for 6-10 weddings each weekend, and up to 17 weddings on bank holidays.

The business is currently split 70% hire and 30% retail sales.

Further growth potential –

• Increased ‘Made to Measure’ work
• More lower priced suits (around £120 price point)
• More ‘Plus Sized’ suits & accessories
• More advertising & wedding fair presence
• Increased social media advertising
• Extended opening hours

As you can see from the business photographs attached, the store is presented to an extremely high standard. The ‘Turn key’ opportunity will allow any new owner the ability to walk straight in and continue trading.

Key selling points –

• Only business of this type/standard available to purchase
• Weddings set to boom this year
• Very well respected in the industry sector
• Broad range of exceptionally maintained stock
• Up to date Facebook page with lots of images
• Business handover period offered
• Further growth opportunity
• Very desirable location & trading unit

Very rarely do businesses of this type, standard or location come on to the open market and we therefore highly recommend early viewing to avoid any disappointment.

Location
Suits (Newbury) occupies a much sought after trading position on Weavers Walk in Newbury, Berkshire.

Weavers Walk is an open air courtyard in the heart of Newbury. It offers an excellent choice of owner managed shops, friendly cafes and restaurants.

Weavers Walk is directly accessed off High street. And there is parking on West street, with the car park also having access to Weavers Walk. 

Newbury is an idyllic market town in the very heart of Berkshire, steeped in history and surrounded by some of the UK’s most outstandingly beautiful countryside. The town offers a relaxing yet vibrant atmosphere in which it enjoys an array of independent and high street shops and restaurants, charter and specialist markets, and first class arts and cultural experiences.

Newbury town centre is accessed just off the A339 which connects north to the A34 and M4 motorway.

Nearest mainline station is Newbury, located just a few minutes’ walk from the business.

Premises
The business briefly comprises of the following:

• Open plan retail area
• Large stockroom
• Staff area/toilet facilities

Tenure
We are advised the business is being sold on a Leasehold basis with 2.5 years remaining on the Lease, the rent is £1,250 + VAT per month with current rates payable at £70 per month.

Hours
The business trading hours are as followed:

Monday to Friday – 09:30am – 17:30pm

Saturday – 09:30am – 17:30pm

Sunday – Closed

Staff
The business is run and managed by 1 full-time and 1 part-time staff members.

Financial Profile
We are advised the business generated a turnover of circa £130,000 as of 2019, further financial information can be made available upon request.

Please quote reference B06769