Summary
Key cutting, garage remote controls, door hardware, installation of batteries for remotes (auto and garage), padlocks, deadlocks, lock maintenance products, equipment and shop fittings included.
Revenue
$1,700 pw
Rent
$749 pw
Expenses
$300 pw
Net Profit
$651 pw
Location Details
39 Surf Coast Highway, Torquay 3228
Located on the main highway through Torquay along side a laundrette, sign writers, veterinarian and fish and chip shop, plenty of foot traffic. Ample parking and signage exposure.
Potential
This business was originally a Locksmith Family Business which my brother owned. He decided to retire and I took over but as I wasn't a qualified locksmith, I have mainly been doing key cutting and retail sales. My eldest child was working here and had knowledge of locks and did many call out jobs to do repairs to locks etc with cash payments. My child has now resigned and this business has great potential to do much better than we are currently doing. It just needs someone with the passion and drive. I am at retiring age.
Skills
We have an auto locksmith connection who gets many jobs from us, currently we just pass on his number but if you had someone with this qualification there is a huge demand. One or 2 qualified locksmiths would be handy too as we have many call out jobs that we now have to pass on to others. There is no service like this for the Torquay, Anglesea, Aireys Inlet and all the way down to Lorne so there is potential to expand.
Hours
Monday to Thursday 9.00am - 5.00pm
Friday 9.00am - 4.30pm
Lease
The lease is valid until August 2027 with the definite option to resign for a further 5 years.
Employees
We currently have no paid employees but did employ 2 casuals that worked 2.5 days each.
Reason for Sale
I am wanting to retire.
About the Business
The main part of the business is key cutting and lock smithing. We have many walk ins wanting keys cut or batteries in their remote controls installed. We sell accessories for keys such as tags, rings, toppers and novelty keys. We sell door handles, window locks, deadlocks, padlocks. lubricant for locks, key safes, key pad door locks and more. We get many call outs to repair locks or to open locks where people are locked out or have lost a key. We rekey locks also. Our main clients are local people from Torquay, Anglesea, Aireys Inlet and Lorne. We do large lots of key cutting for a couple of local real estate agents and the Great Ocean Road Authority has an account with us and they are in charge of all the caravan parks along the surf coast. This business has potential to grow into a very lucrative business with the right owner and staff. I am currently the only one working here and have had to knock back jobs. As mentioned before there is no other locksmith/key cutting business unless you go into Geelong which many locals are loathe to do. Bunnings offer key cutting and we often have dissatisfied customers of theirs returning to have keys re-cut.
History
Coastal Locksmiths was started back in 1998 as a branch of Detail Door Hardware which is my fathers business. My brother took over the business when my Dad retired and ran it successfully until he retired in 2023. I kept all the equipment, stock and fittings and have been running the business myself. I am a qualified electrician so although I am very qualified to do many of the tasks here, I am not a lock smith and that is what is in demand.
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