99p store – buy a London bike shop for less than a quid

If you’ve ever wanted to get into the cycling retail business, this could be your chance – a local bike shop in North London is being sold on eBay for the princely sum of 99p.

The store in question is Holloway Cycles in the London Borough of Islington, just around the corner from Arsenal FC’s Emirates Stadium.

After a planned sale of the business fell through, its owners have listed it on the auction site.

The listing will run for the next four weeks and any purchaser would have to meet rent of £22,000 and rates of £6,000 a year, as well as legal fees relating to the sale.

In the description on eBay, the owners say:

We have run this shop for over 7 years now and have been trying to sell it with no luck and after many time wasters we have decided to close the doors.

The shop is still intact and has slat wall on most areas, a workshop area, store room and a basement, so you could just move in.

There is no stock, tools or any equipment in this sale.

We would not be providing any accounts for the business as we are not asking for any premium for the lease or the business.

Rent per year 22k, rates 6k.

This would be a great chance for someone new to the industry or a second location to get started as customers know the shop and it will be busy once the season kicks in again in March.

We would also be happy to do short term lease or other business ideas in the unit, of course with the landlord's permission.

The only cost would be all legal fees

Thanks for looking
Email all questions to
Paul [at] hatfieldcycles.com

Last week, in a Facebook post, Holloway Cycles said:

Dear all Customers,

It is with deep regret that Holloway Cycles is no longer open, we were in the middle of negotiations to sell the business but the deal unfortunately did not go through, resulting in us being forced to close the shop

The staff have all moved on to other jobs within the industry and we wish them all the best for the future.

I would like to thank all of our customers for the support you have given us over the years that we were on Holloway Road.

Keep spinning on two wheels!

The shop is up for rent now and may still be taken over by another owner interested in keeping it as a cycle shop.

Regards

Holloway Cycles Team

Obviously, any prospective purchaser should carry out their own due diligence.

For what it’s worth, the business is located a short distance from the University of North London, but there is a branch of the chain Cycle Surgery further down Holloway Road towards Highbury & Islington station.