Specialist business property adviser, Christie & Co has sold six high turnover leasehold convenience stores located throughout the East Riding of Yorkshire, in the villages of Cherry Burton, Leven, Skirlaugh, South Cave, Brandesburton and Walkington.
Sold on a highly confidential basis on behalf of D&S Retail group, the six sites have been acquired by Naeem Ahmad, a growing multi-site operator based in the North of England.
He plans to renovate and rebrand the stores under the Nisa symbol group and ensure they continue to be a large part of the local communities, by enhancing the offering that each shop provides.
The deal was brokered by James Moore-Martin, regional director – Retail North and Scotland at Christie & Co, alongside Andrew Birnie, director – Retail North.
James Moore-Martin says: “I’m absolutely delighted to announce the completion of these six convenience stores which formed the D & S Retail group on behalf of David, Steve and the Thompson family. These high turnover stores are within close proximity of each other in the East Yorkshire region and are an ideal acquisition for Naeem Ahmad and his family as they grow their portfolio across the North of England.
“We went to market semi-confidentially and invited a host of well-funded buyers into our designated data room after signing NDAs. After multiple rounds of bids for the stores individually and as a group from a mixture of independent and corporate applicants, we eventually agreed a deal above our client’s expectations, which is testament to the quality of our marketing, the competitive tension we created amongst prospective purchasers within our database, as well as the buoyancy of the convenience retail sector market nationally.”
Funding for Naeem’s purchase was secured by Lawrence Roberts, associate director at Christie & Co’s sister company, Christie Finance, who says: “I am so pleased for Naeem as this is a fantastic portfolio of well-trading stores, which also offers plenty of potential to grow and introduce new lines for the local community to benefit from.
“The funding package that I was able to secure for Naeem is very unique in its nature, but also a sign to the market that having a broker support you on a purchase is key. I also want to mention the whole deal team on both sides as we all pulled together, to make it happen.”
