One More Thing:Plans by the owners of the fledgling Fresh chain of convenience stores to expand their network will result in Spar and BWG Ireland, which operates the Spar brand here, losing one of their flagship stores in Dublin.
The award-winning Camden Street Spar opened in December 2003 at a cost of €5 million. It covers about 8,000sq ft, employs 50 people and was the 400th Spar to open in Ireland.
In the 12 months to the end of July, the store generated revenue of €5 million. The Fresh promoters expect to raise this figure as they increase the size of the outlet and introduce an upmarket range of products.
The store also has a tasty operating margin of 10 per cent.
The property is owned by Simon Kelly, David Kelly and Noel Smith, who also happen be backers of the Fresh concept. They plan to put the Fresh livery over the door in the coming weeks.
The Camden Street store is being offered for sale at €7.5 million, as part of a €16.4 million fundraising for Fresh, aimed at giving it funds to open five new stores.
Investors will also be able to purchase Retail Opportunities Ltd, which operates the shop under franchise from BWG, for €1.5 million.
A prospectus sent to clients of Goodbody Stockbrokers shows that the Dublin store will generate initial rental revenues of €385,000, giving a 5.5 per cent yield to investors.
There is some consolation for BWG, however, as it has retained the wholesale contract to supply the store.
