CTD News, an established convenience store located in Allestree, Derby, has been sold to new owners.
With an internal trading area that extends to approximately 527 square feet, the store has two main sections, one of which showcases cards for all occasions, while the other section offers convenience goods such as fizzy drinks, crisps, and household products. The payment kiosk is located at the rear of the store, and it showcases an array of classical sweets.
CTD News is well located in a densely populated residential area of Allestree. Due to the store’s central location, it provides excellent access to both Derby and Nottingham via the A52 and A38. In addition, the M1 sits north of the store and allows easy access to many major cities across the UK.
The store comes with a three-bedroom flat above, while externally, the property benefits from shared off-road parking to the front.
After running the store for more than 50 years, owner Peter Lawrence decided to sell the business in order to focus on his retirement.
Following a sales process led by Jacob Toon at Christie & Co, CTD News has been sold to Prasanna Geekiyanage a multiple operator who is looking to grow his portfolio in the East Midlands region.
Peter Lawrence, former owner of CTD News, comments, “After having the shop for 54 years, it is sad to leave and very emotional. We have loads of good memories and we leave the shop in the capable hands of Prasanna and his family. We would like to thank Jacob personally for his hard work and attention to detail to get the sale over the line.”
Prasanna Geekiyanage, the new owner of CTD News, adds, “I decided to purchase this business because I saw strong potential in both the location and the existing customer base. The business fits well with my experience in the convenience retail sector and complements my existing operations.
“My plans are to continue serving the local community, while expanding the range of products and services available, including parcel collection and drop-off services. This acquisition forms part of my long-term growth plans and investment in the sector.”
Jacob Toon, Associate Director – Retail & Leisure at Christie & Co, who managed the sale process, comments, “After meeting Peter on my initial appointment, I knew this was an individual who had put blood sweat and tears into this business. This sale means Peter can now retire which was the outcome we all strived for at the start of the process.
“I want to wish Peter and his family all the best on their future endeavours. Finally, I am excited to see how the site develops under new ownership. I know that Prasanna will continue to build on the strong foundations left my Peter and his family.”
CTD News was sold at an undisclosed sum, off a freehold asking price of £549,000.