BikeBiz Bicycle and cycling retail news
Berkshire-based bicycle retailer and workshop Griff’s Cycle Lab is in the process of searching for a new buyer as a going concern, owner Kevin Kinghorn has confirmed.
The premises, which are situated not only next to a busy main road, but also just a short distance from the Swinley Forest trail centre, would present a lucrative opportunity for any retailer looking to expand its output.
Griff’s Cycle Lab benefits from a close proximity to the local train station and has it’s own dedicated car parking at the front and rear of the shop. This provides optimum advantage as a destination store for those looking for repair work.
"The shop tends to operate as a destination location," Kinghorn commented. "We’re well integrated into the local cycling fraternity and support three local clubs, MTB, road and triathlon – as well as being used by other local cycle groups as a ride meet point.”
Due to the premises’ location – close to the Swinley Forest trails – the shop’s customer demographic varies from mountain bike riders of all abilities, to road users from many of the bordering towns such as Crowthorne, and areas surrounding the M3 and M4, M25 in the east and Basingstoke in the west.
“The purpose of Griff’s is to provide a one stop shop for people passionate about cycling, irrespective of whether it’s their first bike or fifty first bike. Over time, we’ve built our reputation and the range of services & products offered to really establish ourselves amongst the local cycling fraternity," concludes Kinghorn.
WHAT WILL YOU BE BUYING?
– A fully functional business as a going concern
– Retail sales of cycles, parts, accessories, clothing & bike fitting
– Huge workshop (1,400 sq ft) with busy servicing business
– Experienced, enthusiastic team
– All fixtures & fittings: modern retail fixtures & fully loaded/tooled workshop
– Other assets: full EPOS system
– Fully stocked retail shop
– Customer database over 2800 unique records with details
– Healthy trade accounts with major UK distributors
– No trade liabilities at time of purchase
– Website & social media representation/sites
– Leasehold premises: Retail c.1900 sq-ft; Workshop c.1,400 sq-ft
WHAT’S UNIQUE ABOUT THIS BUSINESS?
– Partner Agreement with large cycle manufacturer, including a massive exclusivity territory & other benefits
– All staff are active cyclists in multiple disciplines
– Balanced split between mountain & road bike sales
– Huge workshop, including storage racking & an indoor bike wash
– Two storey dual aspect corner retail plot, fitted out to a high standard
– Parking right outside: "must have" for a shop that provides servicing
HOW CAN THIS BUSINESS BE DEVELOPED FURTHER?
– Increase local awareness of the business in nearby larger towns
– Triathlon products & services
– Online eCommerce presence, using existing EPOS system
– Sunday trading
– Re-purpose areas of existing space to include additional services, e.g. cafe, sports therapies etc
Average Annual Turnover £320,000
Average Annual Gross Profit £127,000
Financial and sales documentation available on request. Enquiries welcome to office@griffscyclelab.co.uk
