Angie Turner, are ready for a well-deserved retirement, so Turner Cycles, located in the main street of Gunnedah, NSW is now on the market at an extremely reasonable price.
Gunnedah is a friendly and prosperous town with a population of approximately 13,000 people. It’s the regional center for a very strong mining industry and is also known as the koala capital of Australia.
There is an extensive network of bike paths and mountain bike tracks, along with parks and sporting fields. There are active road cycling, triathlon and mountain bike clubs, which translates directly into regular business for Turner Cycles.
Turner Cycles is the only bike shop in town, and also serves nearby centres including Narrabri and Coonabarabran that do not have bike shops, giving an overall exclusive catchment area exceeding 30,000 people.
Given its prosperity, the main street of Gunnedah is tightly held with rarely a vacant shop, unlike some regional centres. Fortunately, the Turner family have owned the shop premises for many years, so there is security of ongoing tenure for any purchaser of the business. You can choose to continue leasing at just $60 per square metre per year – an extremely reasonable rent, that would make city bike shop owners weep! Or you have the option of purchasing the premises.
The store is huge at just over 700 square metres in total, currently divided into a 295 square metre showroom, 296 square metre workshop and 110 square metre storage / kitchen / office section. There’s ample free parking directly outside the store.
Turner Cycles currently stocks Giant, Norco, Merida, Malvern Star, Apollo, TEBCO, Shogun and Velectrix bicycles, plus a full range of P&A.
The business has been operating for over 30 years. In addition to bicycles, it initially also sold motorcycles, stationary engines, mowers and power tools. In June 2015 the business ended it’s Honda and Suzuki dealerships and has focused upon bicycles since that date.
Turner Cycles still sells a range of motorcycle and mower parts and accessories, but if a new owner is not interested in this business, the Turners are prepared to remove this stock from the sale. The bicycle business comprises the significant majority of the current overall business.
Garry Turner is prepared to continue on a part time basis for whatever time a new owner would like his services in the business.
Audited financial statements are available for the most recent three years of trading, that show a healthy net profit in all years.
The asking price for Turner Cycles is $35,000 plus stock at valuation, which is typically in the range of $120,000 to $150,000. As at 27th February 2024 the stock value was $138,000.
There is also the option of up to $50,000 in vendor finance for a period of up to three years at current market interest rates.
For further information contact Turner Cycles on 02 6742 1937 or email info@turnercycleshop.com
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