Local buyers are dominant – Research
Nearly 70 per cent of all businesses purchased through Christie and Co in the last year have been bought by people who live within 20 miles of the business. More than 70 per cent of pubs were sold to buyers already living within ten miles of the business they bought. This was closely followed by restaurants, with 67 per cent of buyers living within ten miles of the business they acquired, and then retail sites (41 per cent), hotels (40 per cent) and care homes (37 per cent).
Simon Hughes, managing director at Christie and Co, said: “The difficult residential sector has focussed many more applicants on buying a business close to where they are already living.
“This is a trend that we experienced in the early 1990s when the housing market was similar. Lock-up businesses and first-time businesses are proving particularly popular across the retail and licensed sectors, where there are some great opportunities.
“It’s always important, though, when selling to widen the net as much as possible as there are still plenty of buyers moving across the UK for the right opportunity.
“As our research suggests, quality care homes are in particularly high demand, attracting buyers from a wide area. Pubs and restaurants more commonly attract local buyers who are familiar with the local market and customer base”.