NORTH-EASED based newsagents Finlays has placed over half of its stores on the market as it looks to restructure its business.
A dozen of the Whickham-based company’s 20 shops are being offered following a review of its estate.
It was decided that the 12 “CTNs” (confectioner, tobacconist and newsagents) were no longer in keeping with Finlays’ trading format.
Of the 12 stores being offered, three are in Newcastle, two each in Gateshead, Middlesbrough, and Darlington, and the remainder are in Sunderland, Peterlee and Seaton Carew.
The average turnover of each of the stores is £366,000pa and the leaseholds vary from £29,000 to £75,000. Property adviser Christie and Co, which is marketing the stores, also pointed out that 11 of the shops do not have an off-licence or post office counter, providing a development opportunity for potential purchasers.
Andrew Birnie, director for Christie and Co, said: “We were delighted to receive instructions to market this group of newsagents as we know from other recent activity that there will be keen local interest.
“It also demonstrates our strong relationship with multiple retail operators at a regional level.
“This is a great opportunity for first-time buyers to acquire their first business or for multiple operators to add units at very competitive prices, and with the additional possibility to further develop sales lines.”