Investment: £20k-£50k
B
Real stories: CeX
y trading exclusively in digital entertainment products, the Complete entertainment eXchange (CeX) catapults the buy-and-sell concept into the 21st century. Where once
similar outfi ts would have traded books and records, CeX buy, sell and exchange
mobile phones, games, computers, tablets, DVDs and electronics to and from the public. Since it fi rst opened its doors in London in 1992, CeX has expanded to 220 stores in the UK and over 300 stores worldwide. It launched its fi rst franchise operation in 2005 and now more than half of the UK stores are franchised – clear
proof of the brand’s strong business model and potential for growth. A store opened almost every week in the UK last year, and as technology changes and the demand for used electronics continues to grow, this rapid expansion shows no sign of slowing down. CeX’s greatest advocates are the franchisees themselves:
1 Gabriel Moreno CeX Fareham, Hampshire
What was your previous occupation? Before owning my CeX stores in Poole, Boscombe and, most recently, Fareham, I was a store manager and, later, area manager for a fast-food franchisor.
What made you look into franchising? My own experience working for a fast- food franchise taught me that the level of knowledge, market experience and industry issues that come with a well- established franchise help to diminish the risks involved and go towards bringing about the desired success.
What were your criteria when looking for a franchise? Firstly, that it is an effi cient operation with a proven track record; secondly, that the franchise matches local demand in my area; thirdly, that it provides start-up support. Training, coaching, motivation, equipment and general assistance were the qualities I looked for during my research.
What appealed most about CeX? CeX brings an innovative franchise model directly involved with the ever-changing world of entertainment technology. Moreover, the fl exible royalty policy and the 12-month buy-back guarantee made me feel confi dent enough get involved.
What training did you receive? I had over 600 hours practical in-store
training across different levels of management in a store, which made me feel ready to run my own unit.
What other types of support have you received? • Field market research in my locality • Unit search and negotiation • Branded interior design and technical support on a turnkey operation
• One week pre-opening support and two-week post-opening support
• Supply of daily pricing data and product advice
• Marketing material, including bespoke items
• Ongoing operational and business support
Are you on target to meet your business plan? My store in Poole is now reaching its second year of trading and turnover will be in the region of £1.2million. My Boscombe store is in line for £700,000. Fareham is my newest store but the projected turnover might exceed our expectations.
What are your plans for the future? Once this third CeX store is fully up and running, I am hoping to open another one or two stores in 2014.
What do you enjoy most about your business? I love seeing it grow. It’s an added bonus
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that I have the opportunity to try out a whole host of technology products in the course of my day.
What sort of person do you think a CeX franchise would suit?
A CeX franchise would suit a self-motivated and passionate individual looking to achieve success in a vibrant industry.
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