Newsagent sells up to pursue a new career

Apr 12 2008 by Francesca Craggs, The Journal

THE Newcastle office of leading business agents, Christie + Co, has sold a newsagent/off licence business, in a village just outside of Houghton-le-Spring in Tyne and Wear.

Atchy’s News, in a shopping parade on the main street in the village of Shiney Row, is a mid-terraced, two-storey building, with a ground-floor shop and a private, two-bedroom owner’s accommodation on the first floor.

The business trades primarily as a ‘over the counter sale’ newsagents with no delivered rounds and sells a range of confectionery and drinks, as well as a small section of convenience items.

Andrew Birnie, from Christie + Co’s Newcastle office, who handled the sale, said: “Atchy’s News is a busy shop in the middle of the village, but the owner, Paul Atchison decided to sell, after four years of ownership, to pursue another career. The buyer, Mr Sangha, already owns a Costcutter shop, with a Post Office branch in the same village. It seemed a natural purchase for Mr Sangha to increase the services from his own Costcutter store and then lease out the now former Atchy’s News premises for a different use.”

An asking price of £160,000 was sought for the freehold interest of Atchy’s News and it was sold for an undisclosed sum.