A well-established business in Worcester city centre has been bought after the new owners secured funding from Clydesdale Bank.
The leasehold for Modern News, which has been open for around 30 years, has been purchased by Kanthasamy Sriprabakaran, along with four flats above the store on Upper Tything, for around £235,000.
It is the first retail business the Sriprabakaran family has owned since relocating from North London following a decade managing a general store in Enfield.
Mr Sriprabakaran said he was delighted to have acquired a successful business with the support of Clydesdale Bank.
“I’ve worked in the retail trade my whole working life – it is what I know,” he said.
“We’d been looking to acquire a retail property for some time and have nothing but praise for Clydesdale Bank throughout the process of this deal.
“The bank looked at our experience of running a store over the last ten years and our plans to purchase the right business, and had the confidence to support us.
“The shop is in a tremendous location with a strong footfall and we’re planning to make a few subtle changes to what is already a very profitable business.”
Mr Sriprabakaran said the family has settled well in the Midlands after relocating from the South.
“Worcester is a really nice place and we’ve settled really well here,” he said. “We’d lived in London for around ten years, and enjoyed it largely but we always wanted to run our own business.
“One of the final deciding factors behind the move away was when the shop we ran was targeted in the riots last year. Quite a lot of damage was done and it was a scary time for the family as we were living above the store when the violence started.
“This is a new chapter in our life and we’re really enjoying this new challenge and carrying on the success of Modern News for hopefully many years to come.”
Stewart Linnane, small business partner at Clydesdale Bank’s Worcester FSC said the bank was delighted to support an experienced retailer making the move to become a small business owner.
“Mr Sriprabakaran knows the retail market extremely well,” he said. “He found a really good business in a superb location in Modern News and had a clear business plan in place, so we were delighted to help fund the purchase.
“We look forward to working closely with him as he develops the business through providing access to experts and advisors along with a range of tools and resources.”