[quote name='molan' timestamp='1471992270' post='3117586']
£1,100 to a list price of £1,650 isn't going to be desperately profitable.
Let's say the buyer haggles to get around 10% off and settles on £1,500.
That's an initial profit of £400.
VAT wipes out £80.
[/quote]
The VAT bit was where I lost you.
Bass Direct are VAT-registered, so AFAIK have to charge VAT on the entire price. On a sale at £1500 the VAT included is not £80 but £250.
The shop has then paid £1100 for a bass which they are now selling for £1250, a GP of £150 (or 13.6%) before allowing for any overheads, or treatment of the bass.
This looks like pretty normal business to me. Am I missing something?