Mike’s Newsagents, a popular South Wales convenience store located in Briton Ferry, Neath, has been sold through specialist business property adviser Christie & Co after just one day on the market.
The Lifestyle Express branded store has been owned and operated by Mike and Anita Phillips since 1983 and came to the market as they were looking to retire.
“Many thanks to Christie & Co for helping us achieve the sale of our business in record time. We couldn’t have done it without your support and can now enjoy the rest of the summer at our leisure, and travel when the weather gets cold and wet,” they commented.
“All the best to the new owners, it’s very rewarding being self employed.”
The store has been sold to Venu and Rajitha Mittapally, with funding for their purchase secured through Christie & Co’s sister company, Christie Finance.
Venu Mittapally said: “Christie & Co and Christie Finance provided all of the necessary information and coordinated with the bank on our behalf, making this a seamless process. We can’t thank you enough for helping us secure a loan to purchase the business.”
Jimmy Johns at Christie Finance commented: “It was great to work with Venu to support his further retail expansion. We were able to secure several funding options for him, which is a positive indication of lenders willingness to lend in the retail sector.”
Joe Brayne, Business Agent – Retail at Christie & Co who handled the sale, added: “To sell a business within one day of being on the market demostrates the appetite for convenience stores at present. It’s a fantastic time to consider selling so please get in touch if you’re thinking about putting your business up for sale.”
