New ownership to bring changes to long-established North End convenience store with plans for a Costa Express
and live on Freeview channel 276
Manikkam Amalanathan, and brother-in-law, Umeshan Kandasamy, have bought the leasehold of Gemini News in North End, Portsmouth. They were supported by commercial finance specialist Christie Finance as sister company, Christie & Co, announces the sale.
Gemini News is a profitable, long-established convenience store on London Road, and the pair have revealed their plans for the shop.
Advertisement
Hide AdAdvertisement
Hide AdNew owners Manikkam and Umeshan bring together 18 years’ experience within the retail industry. Manikkam will predominantly manage the business on a daily basis, whilst Umeshan will provide additional guidance and expects to spend two to three days a week supporting the business.
Finance consultant at Christie Finance, Neil Collins, secured funding for the pair.
He said: ‘Many believe that obtaining funding for leasehold businesses in the convenience retail sector can be difficult, and sometimes impossible, to pursue. However, I am pleased to have been able to prove this differently, helping Manikkam and Umeshan to obtain the funding they required. I would like to wish them the very best with the business going forward.’
Tom Glanvill, Associate Director at Christie & Co, arranged the sale.
Advertisement
Hide AdAdvertisement
Hide AdHe said: ‘Gemini News is a long-established convenience store with a great local reputation, and I would like to wish the new owners every success with this venture. I have sold 35 retail businesses this year, with this sale forming a part of the figure, and this just goes to show the strong level of interest seen for this type of business.’
Manikkam and Umeshan spoke about their experience working with Christie Finance to secure funding.
They said: ‘It’s been a pleasure working with Neil and Tom at the Christie Network on the purchase of Gemini News. They have both been very professional in supporting me and my partners to complete the purchase on time. We are looking forward to making our mark on this locally well-known shop, looking at possibilities of adding a food-to-go section and a Costa Express within the store to attract more customers, and we also have a few other ideas in the pipeline.’