Such a shame it's gone. I only walked past there last Saturday, hoping to go in. Then I saw the "closed due to stocktaking" sign.
I'd frequent there from around 1979 (either before or after checking out one of the cinema clubs in the area) to the mid-90s and had some lovely finds, mostly at a quid. This was at the time the shop also had a market stall outside it. Probably my best find was a Bobby Guitar Wood on Colt for £1 (yes, the original complete with gold label!). Always remember copious amounts of "Fife Piper" by the Dynatones on HBR, "I Can't Make It Anymore" by Spyder Turner on MGM, "Jump Back In The Arms Of Love" by Bobbi Lynn (the Bobbi Lynns were all water-stained). It even helped stock up my 50s and 60s UK chart hit collection, many records from this section were Mint unplayed in original sleeves. Think my first one of those was a Mint "Guitar Tango" by The Shadows on Columbia for 80p.
During one of my last visits there in 1995, when 45s were relegated to a small wooden box in the corner of the shop, I found a lovely Pye acetate of "That's What Mama Said" by Leonard Whiting for 25p.
Wish I'd had the hindsight to have picked up the Four Seasons EPs on Vee-Jay for £1 each - damn! Well, it was the early '80s, and I had no idea about what they'd be worth.
Suffice is to say I shall definitely be mourning the loss of Cheapo Cheapo, albeit with fond memories.