Thriving Hair Salon in Busy Residential Area
Hilton Smythe welcomes to the market Elaine’s Hair Fashions, which was established by our client, who is now looking forward to retirement, in 1984.
Elaine’s is a traditional hairdresser carrying out cuts, colours and perms to a returning client base of women and men, young and old. At the time of instruction, the business has 4.8/5 reviews on Google and is being sold with a comprehensive website.
Elaine’s is a profitable business and there is scope for further development by considering
- Utilising the space within the shop by considering a nail bar and other beauty treatments
- Extending the opening hours as surrounding shops are open 7 days a week and into the evenings
- Sell the product range to clients
- Introduce social media pages to enhance the business
- Introduce a computer recall system to avoid missing and increasing appointments
Elaine’s Hair Fashions generated an advised turnover of circa £62,032 as of the 2019 accounts, with a gross profit of £58,142 and a net profit of £28,027.
The assets being sold with the business are conservatively worth in the region of £2,000.
The average stock value is in the region of £1,000.
The business is run and managed by our client, with the help of 2 staff members, who have both told our client they will be leaving. However, our client would be willing to stay on, on a part time rent a chair basis.
The business opening hours are currently
Monday: 8am – 2pm
Tuesday: 8am – 5pm
Thursday: 8am – 6pm
Friday: 8am – 5pm
Saturday: 7.30am – 2.30pm
We have been informed that there are no restrictions on the lease regarding opening times and it would be a consideration of the new owner to open into the evenings or open 7 days a week, as this is a highly populated area.
Elaine’s Hair Fashions is located on the outskirts of the City centre of Cambridge on a busy shopping parade within a highly populated residential area, bringing a strong footfall to the area.
The shop has distinctive signage outside and there is an open board that sits on the pavement directly outside the premises. Elaine’s and the other shops in the parade have a parking agreement with the church opposite. This means staff have an annual pass for £180 and customers can park for £1 per visit. Exceptional value for money in a City where parking can be up to £5 per hour.
Cambridge is a City famous for its university and punting amongst many other things and has a population of 123,867 as of the 2011 census. However, the city’s population grows regularly due to students, workers and visitors.
Cambridge is easily accessible by the main A14, A11, M11, train and by air via the city’s own airport.
The glass fronted shop has a central doorway leading into the salon which has an alarm system and recently fitted wood effect flooring.
Within the salon area there are 6 fixed hair stations, 2 central hair stations, 2 back wash stations and 4 fixed dyers. There are many storage areas within the salon.
The kitchen is directly to the rear of the salon and has fitted units for storage of colours etc. There is a fridge, tumble dryer, sink etc.
Off the kitchen is a cupboard housing the washing machine, the toilet and a door to the rear. In the small outside space is a storage cupboard and washing line.
We are advised the business is being sold as a leasehold business opportunity. There are currently around 3 years remaining on a 9 year lease, however, the landlord will be looking to assign a new lease to the new owner of the business with an annual rent of circa £10,000.
We have been informed by pour client that they are currently exempt from business rates