Jewellry Store For Sale - 515 Columbia Street, New Westminster, BC
Royal City Jewellers For Sale
The company was started by Howard Isman, primarily as a Pawn Shop, accepting anything of value as security in exchange for small loans. Over the years with its success and now under the skillful management of Howard’s son Michael, it has slowly transformed into a Jewelry Store, where jewelry is the primary but not the only sales product. However, it’s primary business was and still is, what Michael casually calls, “A People’s Bank”. This is an apt description, since it provides an essential service to many people in the Greater Vancouver area, whose temporary financial needs are met quickly and easily. I was so surprised to hear that the redemption rate of goods held to secure small loans by this company is 94%. Their repeat customer rate is very high as well. That’s the nature of the business and the business has been growing every year.
The company has been under the same family ownership since it began on Columbia St. in 1955 and is now the largest single store pawnbroker in Canada with a staff of 25 people. The company’s President and Manager, Michael Isman, is Canada’s leading authority on the pawn broking industry. Michael has been in the business for over 35 years and is now looking to an early retirement. "I have had the pleasure of knowing Michael for over 17 years and I am now very honoured to represent him in this offering of the sale of their business. "
Check out all of the details of this great business opportunity, 515 Columbia Street, New Westminster, BC
Valuations
The business is for sale without the building. However the real estate, which is also owned by the seller but leased to the business, is zoned for greater development potential. It can also be purchased by the buyer.
The Business
The business, including inventory, is well priced at 6 times EBITDA, or NOI, which is now approaching $2 million/yr, ending Jan. 31, 2013. Inventory is close to half of the asking price which, without inventory, would then be 3 times the EBITDA, a very reasonable price! Financial statements for the last 2 years are available to qualified Buyers.
The Real Estate
The building, which is owned by the seller, is also for sale to the buyer of the business but leased back to the Business. It is a 3 story building, zoned for multi-use and offers excellent future development potential.
More Information
Details of the offering can be requested by serious investors or cooperating brokers who complete and sign a Seller's NDA, as well as show verification of financial qualification for a potential offer to purchase by the Buyer.
On the Internet
Royal City Jewellers website: www.rcj.ca
BBB Accreditation: http://www.bbb.org/mbc/business-reviews/pawnbrokers/royal-city-jewellers-and-loans-ltd-in-new-westminster-bc-128346
Royal City Jewellers on Yelp: http://www.yelp.ca/biz/royal-city-jewellers-and-loans-ltd-new-westminster