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Mon, Aug 03 2020 09:42:32 AM  |  /

Well Established & Profitable Office Furniture Refurbishment Company

Business Id:000192     |    Reference: AN045
Leasehold Price:
£347,000.00
Business Description

Well Established & Profitable Office Furniture Refurbishment Company
Ref. AN045
Location : Greater Manchester/Relocatable
Asking Price : £347,000 (inc. net assets)

This well established and robust business was set up by the vendors almost 20 years ago and in that time has grown into a highly skilled and professional company providing its clients with a unique and bespoke range of products and services.

The company has positioned itself as a high quality premium supplier to the market and as such has built up an impressive historical customer base providing local, regional and national coverage as required. These customers include large blue chip commercial organisations (banks, supermarkets etc) as well as large public sector bodies (Universities, NHS etc.) with whom it has traded for many years. The business has some 70 regular customer accounts and many more ad-hoc clients.

The business has built up a sterling reputation based on quality, product knowledge and superior manufacturing . The company currently carries out pretty much all refurbishment in house. This ensures excellent quality control and superior product delivery.

The company has an ideal facility that is fully equipped to carry out full turnkey renovation and repair.

Key strengths:

• Superb customer base- highly desirable blue chip organisations with large estates.
• Good level of infrastructure
• Huge scope for expansion
Key Opportunities:

There are many other avenues for growth available to this business as there are many organisations who could benefit from the services this business provides. There is also the opportunity to add complementary services to its current offering which would be relatively simple to implement.

The business is being offered for sale on a going concern basis, all financial discussions will take place directly between the vendor and all interested parties under the auspices of Turner Butler.

Resultant gross profits circa £300,000 per annum. Adjusted EBITDA was circa £140,000 p.a. prior to director drawings.

All plant and equipment owned by the business is included within the sale price (circa £22,000 as per the latest accounts). There is huge potential to develop this business further. As already mentioned, the vendors are pretty much reactive in their approach to business these days and there is huge scope to maximise additional opportunities that exist within its current customer base and beyond.

The Asking Price of £347,000 including Net Assets is for 100% of the issued capital of the company, assuming Net Assets of £22,000 as per the accounts. The final selling price will have a £1 for £1 adjustment to reflect  any rise or fall in this benchmark Net Asset figure of £22,000 at completion.

The business does very little in the way of self-promotion and marketing, preferring to rely on repeat business and referrals to generate sales. There is huge scope to increase its exposure should a new owner so require.

Even though the business is well established there are significant opportunities to expand. The company does not employ any dedicated sales representatives nor does it have a catalogue illustrating the services it can supply. The vendors have never proactively chased work; they have been totally reactive to the ongoing demand. A more proactive approach could significantly increase revenues as the services it provides are always in demand. There is also scope to get involved in the sale of new office chairs and complementary products as the company is regularly approached by their clients and asked to source such items but they only do so on the rare occasion through choice.

The business operates from rented premises with excellent access to the road network. Current Rent is circa £1,300 per month. The business could be easily relocated and this may be something a new owner needs to consider as we are advised the current landlord may well sell the site in the future.

Monday – Friday 

The 2 owners work some 3 to 4 days a week within the business, one is responsible for production and the other is on the sales/customer service side.   The business also employs a part time accounts person, a full time driver, a full time production engineer, 2 full time upholsterers and a full time machinist.  Staff are skilled and are able to multi task if needs be.

The current owners would be happy to provide full training and support at handover and may be prepared to stay on for a further period should a new owner so require subject to negotiation.

If you are interested in receiving further information, please sign and return the attached Confidentiality Agreement. In returning the Agreement we would be grateful if you could provide us with details of your interest in this opportunity along with your funding position.

If you are looking for finance to fund your business purchase then we recommend that you talk with our independent finance broker. Because of his many years working at a senior level for a major high street bank he has had more success with finance applications than anyone else we know. He has helped numerous purchasers of businesses that we are selling, including buyers who have been turned down by their own bank! Call us today on 0800 046 1652 or email us at finance@turnerbutler.co.uk

 

Business Information
Turnover:£360,000.00 Annually
Property Status:   Leasehold
Leasehold Term: Current Rent is circa £1,300 per month.
Is this business relocatable: Yes
Business Sector: Carpentry Businesses, Home & garden manufacturing companies, Furniture Shops, Home & Garden Services
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