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Gloucestershire Business News

Family sell Cheltenham Londis after 40 years trading

A Cheltenham convenience store has been sold after being run by the same family for 40 years.

Mr and Mrs Kotecha have been behind the counter at Hewlett Stores for decades, along with their son Jack.

But they have now decided to retire and pass the reins of the Londis-branded shop to another duo.

Specialist property business advisor, Christie & Co sold the freehold interest in the shop in Hewlett Road based on asking price of £750,000. Sister company Christie Finance secured funding for the buyer's purchase.

Jack Kotecha said: "After 40 years as owners of Hewlett Stores, we can now happily retire and hope the new owners continue the role of a much-loved community store. Christie & Co have offered a smooth transfer of a historic property and our agent provided an outstanding service."

Jamie Williams, associate director at Christie & Co who brokered the sale, said: "Similar sites are rarely available, so it was unsurprising that we generated over 20 viewings and 18 offers on the business.

"We wish our client an enjoyable retirement and Mr Subramaniam Sooriyakumar and Mr Suman Chandran the best with their new venture."

The new owners will keep the store open as they get to know their customers but have plans for a complete refit and modernisation.

Mr Sooriyakumar said: "This has been a very long process due to some personal issues, but Jamie was very helpful, patient and professional even at times when we thought the deal might not happen. Overall, we had a great experience.

"The previous owner of the business had been here for over 40 years. Due to his ill health, he wasn't involved much towards the end of the sales procedure. We wish him the best and hope he will get better and enjoy his retirement."

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