A newsagent whose previous store was hit by last year’s riots has bought an established business in Worcester city centre after securing funding.
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.
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.
“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.”