If you thought laundromats were a thing of the past, you’d be wrong!
The laundromat industry is currently experiencing a boom in Australia, with many reporting significant profits.
At Coast to Coast Australia Magazine, we are finding that laundromats are increasingly popular with buyers seeking a passive income with strong potential for growth.
Modern laundromats are very different now, of course, from Australia’s first self-serve laundromat opened in 1962.
Profit margins of 20-35%
Today’s tech-savvy laundromats have no need for constant staffing, thanks to new payment system technology, remote monitoring, and automated cleaning and maintenance services.
If these businesses are well-managed – with efficient systems and a strong focus on customer service – they can achieve profit margins of 20-35%.
With multiple sales and consistently high buyer enquiries, Leigh Titterton of Xcllusive Business Sales & Coast to Coast is keen to list more laundromats for sale.
“The last laundromat I sold had over 150 enquires – and sold for full asking price,” said Leigh.
Ticks all the boxes
“A buyer was found quickly for this business as more buyers are looking for semi-passive incomes with low overheads – and a laundromat ticks all those boxes!”
Leigh said buyers believe that these businesses will continue to be viable for years, making them a very sound investment.
“Typically, laundromats achieve a greater multiple on profits than other similar sized businesses,” Leigh said. “
The steady growth of the laundromat industry in Australia is resulting in an annual revenue of around $2 billion.
Recession proof business
Not only that, but laundromats are also considered to be a recession-proof business, as the use of laundry services remains consistent, regardless of economic conditions.
“There is high demand from the market for laundromats currently with a large number of buyers ready to purchase,” said Leigh.
“These factors are securing good results for sellers, and I believe now would be a great time to consider selling.”
If you are considering selling or buying a laundromat in Australia, now’s the time to contact Leigh Titterton of Xcllusive Business Sales & Coast to Coast.
You are welcome to phone Leigh on (02) 9817 3331 or email [email protected]
If you’re considering buying or selling a laundrette business, visit www.ctoc.com.au for listings and expert advice.