Andrew James, 58, of Station Road, was due to stand trial at Swansea Crown Court accused of fraud by false representation between August 2018 and August 2020.
The court heard James told two prospective partners he had agreed to buy the Spar store on Lammas Street for £160,000, and offered them a 50% share of the business for £80,000. In reality, he had agreed a significantly lower purchase price.
On the morning his trial was due to begin, James changed his plea to guilty. The court was told he has no previous convictions.
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Judge Geraint Walters adjourned sentencing for a pre‑sentence report. James was granted bail and is due to be sentenced on 8 October.
