Families in franchising
INVESTMENT REQUIRED £200,000-£250,000 + VAT
Summary of Operation
Retailer of second-hand electronic and digital entertainment products. We trade in video games, DVDs, mobile phones, digital electronics, computing, vision products and music CDs.
Since launching its franchise offering in 2005, Complete entertainment eXchange (CeX) has rapidly grown into one of the UK’s most successful second-hand entertainment franchise opportunities and has attracted franchise owners from a variety of backgrounds.
Increasing trends within the CeX network include young entrepreneurs and family members joining together to launch their own CeX franchise.
We hear from franchise owners who have found success within these business partnerships and reveal why mixing friends and family with business can lead to a winning formula.
Franchise family fortunes
Family franchising has proven to be a popular and successful choice for many CeX franchise owners, and why not? Who better to trust with your livelihood than your own family! We hear from franchise owners who decided take the plunge and set up their family business with CeX.
It’s a family affair for CeX duo
After working at the Nottingham CeX store for two and half years, Lewis Broughton decided to go into business with his uncle, Peter Kerry, and open their own outlet in Chesterfield.
Since launching their CeX store in May 2010, Lewis and Peter have combined their product knowledge and business acumen to ensure their retail franchise is a success. Peter is already enjoying the benefits of running a CeX store: “So far, so good. I love working behind the counter and I love being the boss.”
“We looked into a few franchises, but having worked for CeX I knew the products and felt comfortable with the company – I could see it was a great opportunity,” says Lewis. “The business is self sufficient, stock is easy to manage and there’s no dealing with suppliers because it all comes from the customers.”
After running his own business for 18 years, Peter couldn’t wait to join CeX. “I was ready for a change and was excited to take on a new challenge,” he explains. “It’s exceeded my expectations. It’s a fantastic environment to work in. Lewis knows the products and how the company works and I instantly took a liking to the CeX brand.”
Keeping it in the family
Since launching her Uxbridge CeX store, Nancy Man has successfully expanded her retail portfolio by opening a second store and has hit her target of a £1.2 million turnover.
Such has been the success of her first CeX store in Uxbridge, launched in 2008, Nancy has replicated it with a second store in Shepherd’s Bush.
The latest venture was launched last August and is managed by her son, Richard, who learned the CeX system at the Uxbridge store, and has been replaced by his sister, Natasha, resulting in Nancy’s burgeoning business empire becoming a real family affair.
“We are all very close, so running a business together works for us,” explains Nancy. “We all share the same goals and objectives and want to succeed as one. All of us work as hard as each other to achieve our goals. We have regular get-togethers and these are usually a mix of business and pleasure,” explains Nancy.
“If trade continues to be as profitable and successful as it has been, my children will continue to develop and expand the business, and hopefully I will be able to retire in the next five years!
“CeX provided me with excellent product and management training prior to opening my store, and as my son, Richard, had worked at a CeX branch while at university, I felt confident the business would run smoothly.
“Now, I am more than capable of managing the store but if I ever need any help or advice, the CeX franchise team is always just a phone call away.”
Young enterprise partnerships
A trend that is becoming more and more common within the CeX network is young entrepreneurs joining together to invest in a CeX franchise.
CeX is looking for franchise owners who are passionate about entertainment goods and its brand, which is why so many of its franchise owners are former CeX employees!
Employees to employers
Stephen Hall and Richard Whitley decided to utilise their product knowledge and hands-on experience as employees by investing in a CeX franchise.
Having worked for the second-hand entertainment franchise CeX for five years, business partners Richard Whitley, 24, and Stephen Hall, 31, have seen the retail franchise grow from 20 stores to an impressive 153, confirming the success of its proven business model.
With a passion for electrical products and the support of CeX, the pair knew they could make a success of their Blackpool store.
“Having already worked for CeX, we were very much aware of the running the store side of things, as we have previously had to assist in the training of new franchise owners and helped with store openings,” explains Stephen. “We have seen how popular the business concept has become and the profits that can be made.”
“It’s been an experience getting to this stage but the possibilities of what we can achieve make all the hard work worth it,” says Stephen. “When we do have days off, we usually end up back in the store at some point as we really enjoy the job and like to see the results of our hard work. Knowing that whatever effort we put in will benefit us personally is a great feeling.”
CeX store Manager Dan Copsey was able to realise his ambition of running his own business by making the transition from CeX employee to franchise owner with his business partner and colleague Justin Perkins.
During his seven years as a CeX employee, Dan worked in a variety of departments and roles, where he gained valuable hands-on experience, product knowledge and managerial skills. Confident in his abilities, Dan was eager to progress from CeX employee to franchise owner.
While working together at the CeX store in Watford, Dan and Justin decided to combine their retail experience and invest in their own CeX franchise.
“I wanted to become a CeX franchise owner because you get the security of joining an established brand and, as it’s an up and coming business, it will thrive in good or bad economic times,” explains Dan.
With a successful store launch and exciting business developments to look forward to, Dan hasn’t looked back since becoming a CeX franchise owner. He is already enjoying the benefits that come from being self-employed and says he would recommend the CeX franchise to any budding entrepreneurs.
Reported by Tiffany Brooking