A Budgens site in Merriott, Somerset has new owners.
The store was previously owned by Ritesh Rai and his business partner, who acquired the site as a Co-op and rebranded it as Budgens.
The business has been purchased by Niraj and Bina Patel, with funding sourced through Christie Finance. Niraj and Bina are based in Bristol and currently manage a portfolio of post offices and convenience stores.
Commenting on the acquisition, Niraj Patel, said, “I had been looking for a quality convenience store for a while, so when this one came to market, I knew it was the perfect shop for me - a modern store in a great town with solid and consistent trade. There was a lot of competition for the store, but I felt my experience, relationships with both the agent and seller, and willingness to pay the right price would help secure the business.”
Former owner Ritesh Rai added: “We would very much like to wish Niraj all the best with his new venture. Matthew at Christie & Co is an expert in the retail sector and ran a confidential process to ensure we achieved the right price. Tamara from Christie Finance also excelled in funding the purchaser and keeping us updated throughout the process.”
Finance broker at Christie Finance, Tamara Ryan, who arranged the funding, said: “I really enjoyed working with Niraj and Bina on this acquisition. They were committed and responsive throughout the process, demonstrating the work ethic they’ll bring to their new venture. It’s always rewarding to support a local operator in expanding and growing their business. I know they will make every success of their new store, and I look forward to visiting them in their new premises soon.”
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