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Independent Accredited Vettriano Art Gallery For Sale

Henley-on-Thames, Oxfordshire
Asking Price:
£59,950
Sales Revenue:
£109,431
Cash Flow:
Under £50K

BUSINESS:

This popular, independent art gallery enjoys Accredited Vettriano Gallery status. The gallery also sell local scenes, maps and images of the River Thames, as well as intricate hand crafted ceramic wall art and contemporary oil paintings. The owner is an art dealer with more than 30 years' experience who now wants to retire. He has specialised in Jack Vettriano Artist Proofs, Studio Proofs and Limited Edition Prints for more than 10 years. The exuberant colours and style of Vettriano paintings and artwork are well-known. They attract collectors for the potential investment value they may have over time. Artist Proofs and Studio Proofs form the initial run of the print plus a restricted number of editions. As one of the UK's top 5 Vettriano galleries, he enjoys first options on the more valuable lower numbers of a limited edition print run. Vettriano's paintings are reminiscent of film noir and often feature romantic or erotic themes. In 2004 he was awarded the OBE and his best-known painting The Singing Butler sold at auction for just under £750,000 in the same year and was the subject of a television documentary, Jack Vettriano: The People's Painter, on ITV's South Bank Show. 18 months ago, the gallery introduced a (sub-contracted) bespoke, specialist framing service for paintings, artwork and photographs worth approximately £40,000 for the full year ended 31 December 2018. The Gallery also advise on the wide range of frames, mounts and glass options. Customers are encouraged to bring their artwork to the gallery for free consultations and quotes.

BUSINESS PREMISES:
(all sizes are approximate & should be considered 'nominal'.)

This charming Georgian terraced property, situated a stone's throw from the historical Henley Bridge and iconic Angel On The Bridge pub and restaurant, features a glazed bow window with a single casement door leading into the ground floor shop measuring 28ft/8.7m deep x 16ft/4.9m wide (448 sq ft/42.6sq m) with a staff kitchen to the rear. Stairs lead down to a dry basement with two storage areas combined to measure 10'10"/3.3m x 8'4"/2.6m (90 sq ft/8.6 sq m) plus staff toilet facilities.

BUSINESS PREMISES (contd):
(all sizes are approximate & should be considered 'nominal'.)

The table below has been obtained from the current rate demand for the property and by reference to the Valuation Office Agency website:

Floor Description Area m²/unit
Ground Retail Zone A 11.1
Ground Retail Zone A 11.9
Ground Retail Zone B 5.7
Ground Internal Storage 4.8
Total 33.5

Note: Where items of equipment and appliances are mentioned, no warranty is given or implied as to their operational condition.

TRADE:

Accounts inspected by Adams & Co show turnover for the year ended 5th of April 2018 of £109,431 and gross profits of £59,240 (54%) which compares to turnover of £108,700 and gross profits of £63,299 (58%) the previous year. VAT returns submitted to HMRC for the 12 months to 31 December 2018 show sales grew to £117,602 for the year.
Please note that if a business is VAT registered, all figures exclude VAT.

OUTSIDE:

The gallery is located in the centre of Henley, a short walk from the River Thames amidst fashionable retail outlets, numerous restaurants, Coffee Houses, sandwich bars, residential estate agents and High Street Banks.

TENURE:

The vendor enjoys a relaxed relationship with the landlord and occupies the premises on an informal licence with an annual rent of £17,000 including building insurance. We understand a new lease will be offered to the buyer on favourable terms subject to the status of the buyer.
The landlord will require references including satisfactory bank and trade references where appropriate in support of any application for the lease. In addition, the landlord may ask for a rent deposit equal to 6 months dependent upon the quality of references and the status of the buyer.

RATES:

The rateable value of the business premises is £12,750, with rates of £6,282 payable in 2017/18 inc. water rates but these are expected to be reduced for the 2019/20 financial year.
NOTE:
This information has been obtained either from the current rate demand for the property, by telephone from the local authority or by reference to the VOA website. The amount payable is the standard rate for the Rateable Value shown. In some circumstances this may vary, and therefore it is recommended that potential buyers make their own enquiries through the local authority to check the applicable rateable value and whether the rates payable will be the figure quoted above.

SERVICES:
We understand from the vendor that mains electricity and drainage services are connected to the property.

HOURS:
Monday to Sunday 10:00 to 17:00

STAFF:

The vendor works comfortable hours, attending the gallery on Monday, Wednesday, Thursday and Saturday. His assistant works at present on Tuesdays, Fridays and Sundays plus holiday cover and is happy to continue to work flexible days if required post-sale.

STOCK:
The vendor informs us that the value of the stock is approximately £25,000

COMMENTS:
The vendor has now decided to retire which has created an excellent opportunity for a new owner to build on the solid foundations laid down over the past 10 years. The vendor is happy to provide a hand-over to suit the needs of his buyer, subject to negotiation.
Financial information will be made available to seriously interested purchasers after they have formally viewed the business.

LEGAL FEES:
Vendors and Buyers each to meet their own legal costs, but if a lease is to be assigned from the vendor to the buyer they will also be expected to share the landlord's legal costs on a 50/50 basis. If a buyer wishes to negotiate a 'new' lease, they will be responsible for all the landlord's legal costs.

LOCAL AUTHORITY:
Henley On Thames Parish Council: 01491 576982

INTERNET:
First time buyers of a business may find this Government
information website Setting Up In Business helpful.
Potential buyers wishing to find out more about the surrounding areas are invited to 'search' under 'HENLEY ON THAMES', where numerous sites are available for perusal, or specifically go to and use the post code 'RG9'.

Property information

Property:

Leasehold

Lease Terms:

The vendor enjoys a relaxed relationship with the landlord and occupies the premises on an informal licence with an annual rent of £17,000 including building insurance. We understand a new lease will be offered to the buyer on favourable terms subject to the status of the buyer.

Location:

The gallery is located in the centre of Henley, a short walk from the River Thames amidst fashionable retail outlets, numerous restaurants, Coffee Houses, sandwich bars, residential estate agents and High Street Banks.

Premises Details:

Floor Description Area m²/unit
Ground Retail Zone A 11.1
Ground Retail Zone A 11.9
Ground Retail Zone B 5.7
Ground Internal Storage 4.8
Basement storage

Size in square feet:
448 sq ft

Business Operation

Reasons for selling:

Retirement

Contact Information

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