Meet the brothers battling big supermarkets with their new Meon Valley convenience store
COMMUNITY-MINDED businessmen Rishi and Darsh Patel say they are delighted to have taken over a village store.
Rishi, and his brother Darsh, officially took the reins at Newtown Newsmart in Winchester Road, Bishop’s Waltham on March 8 – and say they have been bowled over by the community welcome so far.
Rishi, from Portsdown, said: ‘There’s a strong sense of community around here. With all the major supermarkets taking over and opening left, right and centre, we thought it was important to take on the challenge and protect a community asset.
‘The reaction from our customers has been fantastic. There is a very loyal customer base here and we are pleased to be able to serve them.
‘They all seem very happy that we have taken over – even the 94-year-olds!’
They have run similar convenience stores in Bognor Regis, Southampton and Eastleigh.
The store will continue to sell a wide range of products, including 18 different types of locally sourced bread, and fruit and vegetables, alcohol and other convenience items, seven days a week.
Specialist business property adviser Christie & Co completed on the sale of the 2,000 sq ft Londis branded mini supermarket, which had been recently refurbished.
Rishi, 28, added: ‘We are delighted to have secured Newtown Newsmart and look forward to being part of the town’s community.
‘The business presented an outstanding opportunity and I’m very excited with the new venture. It was a pleasure to deal with Christie & Co again, as they facilitated a smooth and efficient transaction.’
Tom Glanvill, senior business agent at Christie & Co, said: ‘I am delighted to have handled the successful sale of this profitable store, which was sold as a going concern.
‘I wish them all the very best in their new venture, which I am sure will continue to be a great success for many years to come as they take over from previous owners, Pat and Polly.
‘This store was marketed to a select group of corporate and regional operators and the sale was agreed within just two weeks and completed at a sale price which was 13 times the weekly sales, highlighting the continued demand for well established businesses in the region.’
Newtown Newsmart was sold off a leasehold guide price of £250,000.????????????????????????????