Business Summary:
Location: North Hertfordshire Asking price: £600,000 + net assets Asking price includes: Turnover of circa £600,000 per annum (Current year) Gross profit c£380,000 per annum (Current year) Net Assets c£28,000 Adjusted EBITDA c£200,000 before drawings (2023 accounts) More than 24 years historic trading Fully equipped and modern workshop Excellent repeat customer base Well fitted single lane ATL MOT bay Class 4 Knowledgeable, experienced and motivated team All tools of the trade included in the sale Ample Parking Prominently situated site Goodwill Business Profile: This family business, set up over 24 years ago, provides a comprehensive workshop service for motor vehicles/cars and light commercial vehicles within the busy North Hertfordshire region. The business has built up a sterling reputation in the area during this time and provides, full repair, servicing, maintenance, tyre-fitting and MOT testing services to the local community and beyond. This profitable business has established itself as an automotive services leader in the region with an enviable reputation for quality and service; it has experience with all major manufacturer brands. Because of this the business enjoys very high levels of referrals and repeat business from a loyal following of customers. The majority of clients are domestic customers, but the business does have a few business clients also. The garage is fully equipped for purpose and plant includes: Dedicated ATL Class 4 MOT bay Fully equipped tyre fitting bay 4x Ramps (including 1x 4 post ramp up to 4 tonnes) 4 Wheel computerised alignment machine Full diagnostic equipment Range of specialist tools The vendor is a full time mechanic, working in the business and is supported expertly by 1x other full time mechanic who manages MOT testing and also general servicing and repair, there are 2x part time administration and bookkeeping staff. All are fully conversant with the latest workshop techniques and engine management systems and the business is compliant with all necessary health and safety regulations and codes of practice. Location is ideal being close to major road networks including the A505, A10 and Mll motorways & busy North Hertfordshire towns and also has ample parking so customers can leave their cars and pick up at a convenient time later in the day if need be. Equipment: The garage has a comprehensive range of plant and equipment as you would expect from a very well-established workshop. All plant and equipment are included within the sales price. Customer Service: The business offers an excellent standard of service and is proud of their attention to customer care offering professional advice and high quality workmanship. This is evident in the very high levels of repeat business the garage enjoys and the fact it does not need to advertise. This business is a member of the Good Garage Scheme; which is a self-regulatory body for the motor industry, with a voluntary membership of thousands of garages all committed to maintain a customer’s car with the highest levels of service. Key Strengths: The business has many strengths including Enviable reputation in the region it serves Huge customer base Exceptional levels of service Repeat business levels and referrals Significant investment in infrastructure. Highly skilled workforce Profitability Location Growth and Expansion: The business has enjoyed steady trade over many years, and this is expected to continue in light of its growing and loyal customer base. The site has room for expansion if need be and this could easily be achieved if a new owner wished to employ further personnel as the demand is already there. The business does very little advertising and could certainly expand this activity with a more proactive approach. The business is well positioned to take maximum advantage of growth as it occurs as it has the necessary infrastructure in place. Employees: The vendor works within the business and is a full time mechanic and is supported by one other full time mechanic who also manages all MOT’s. The business also employs 2 part time administrative staff. Staff are highly experienced and a real asset to the business Advertising and Marketing: The business has never felt the need to advertise bearing testimony to the fact that it enjoys exceptionally high levels of repeat business from a large and loyal customer base. There is however a comprehensive and attractive website detailing the services and facilities offered. Premises: Premises are a real strength of this business. Ideally located on a discrete and busy industrial estate that is close to the key trunk roads and a busy thoroughfare, the business is very well known and accessible. The premises comprises one single storey workshop (circa 2,800 square feet) with mezzanine office/reception, waiting area, toilets, and storage. There is a large forecourt area and parking for some 10x plus vehicles. Premises are leasehold. Current rent is circa £24,000 p.a. and it is understood a new lease would be made available to a new owner, subject to negotiation. Business Hours: Monday – Friday: 08:30-17:30 Saturday 08:00 – 13:00 Sunday: Closed Financial Information: 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. The business is growing year on year. Current turnover is circa £600 ,000 p.a. Gross profits currently of circa £380,000 p.a. Adjusted Net profit from the year end June 2023 accounts of circa £200,000 and net assets of circa £28,000. The business generates impressive profits. The vendor has invested in the infrastructure of the business over the years and it has a highly impressive level of plant and equipment that is included within the sales price. Reason for Sale: Genuine retirement sale Support and Training: The current owner would be happy to provide full training and support at handover. Asking Price: The Asking Price of £600,000 plus net assets is for 100% of the issued capital of the company, assuming Net Assets of £28,000 on completion (calculated on a zero cash-zero debt basis). The final selling price will have a £1 for £1 adjustment for any rise or fall in this benchmark Net Asset figure of £28,000 at completion. Assets and Equipment: Diagnostic Systems MOT Bay Class 4 (ATL System) 1 x Hunter Wheel Alignment System 2 x 4 Poster (Hydraulic) Ramps 2 x Tyre Fitting Machines 2 x Wheel Balancer 1x Large Scissor Ramps 2x Standard Scissor Ramps 1x Tyre changing scissor Ramp 2 x 2 poster ramps All Tools of the Trade Fleet of Courtesy Vehicles Mezzanine Tyre Storage Business Systems e.g. Sage Accounting, GA Garage System and Auto Data Team Systems & Software Packages
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