Specialist business property adviser, Christie & Co, has announced the sale of a Budgens-branded convenience store located in the centre of Merriott in Somerset.
The store was previously owned by Ritesh Rai and his business partner, who acquired the site as a Co-op and rebranded it as Budgens, providing a premium service to the local community. They decided to sell to allow a new hands-on retailer to take over.
The business has been purchased by experienced operators Niraj and Bina Patel, with funding sourced through Tamara Ryan at Christie Finance. Niraj and Bina are based in Bristol and currently manage a portfolio of post offices and convenience stores.
New owner, Niraj Patel, commented, “I had been looking for a quality convenience store for a while, so when this one came to market, I knew it was the perfect shop for me – a modern store in a great town with solid and consistent trade. There was a lot of competition for the store, but I felt my experience, relationships with both the agent and seller, and willingness to pay the right price would help secure the business.”
Former owner Ritesh Rai commented, “We would very much like to wish Niraj all the best with his new venture. Matthew at Christie & Co is an expert in the retail sector and ran a confidential process to ensure we achieved the right price. Tamara from Christie Finance also excelled in funding the purchaser and keeping us updated throughout the process.”
Matt McFarlane, senior business agent at Christie & Co, who handled the sale, added: “It has been a pleasure to assist in the sale and purchase of this store. Ritesh and his business partner, Robin, are regular clients, and we’ve worked on a number of projects together over the years. It’s great to continue exceeding expectations by finding the best buyers for the right stores. Niraj is also a regular client, so bringing the two parties together for this store was fantastic.”
Tamara Ryan, finance broker at Christie Finance, who arranged the funding, said: “I really enjoyed working with Niraj and Bina on this acquisition. They were committed and responsive throughout the process, demonstrating the work ethic they’ll bring to their new venture. It’s always rewarding to support a local operator in expanding and growing their business. I know they will make every success of their new store, and I look forward to visiting them in their new premises soon.”
The Budgens Merriott store was marketed at an asking price of £465,000 and sold for an undisclosed sum.
