A sale in less than 41 days

Project Libris - About the client

Established by the Vendor in 1993, the File & General Storage Company in London specialised in the archive, retrieval and storage of company documents and boxed matter.

What did they want?

The Proprietor gave us the following brief. I want to retire and emigrate overseas and, therefore, do a minimal handover. I don't want any earn-out or performance related payments. Furthermore, I need to have agreed a deal within six weeks when a key lease will becomes due for renewal.

What we did

Following valuation and instruction, we completed a full information memorandum and executive summary for the opportunity, including financial history, forecasts, cash flows, net profit adjustments and valuation projections.

Research identified a variety of potential trade purchasers and private investors.

Timing was critical, and we marketed the business emphasising the need to act quickly. Offers were soon received and out of five initial indicative offerings a deal and new lease agreement was negotiated and put in place.

The result

As an asset and goodwill disposal, the legal and due diligence phase of the deal was a smooth and speedy operation. This deal, from initiation to completion, was delivered in just 41 days. A company record which remains to this day.

Obviously, not all deals are concluded this quickly but it does illustrate that with sufficient motivation it is possible to make things happen in a timely and controlled fashion.

“I had never sold a business before so when it came to putting the business on the market it was purely a stab in the dark. However, as it turned out it was some stab. I asked Lucas & Weston to market the business and from invitation to completion it took just 41 days. I am very grateful to Howard Weston and his staff for their expertise and professionalism.”
Michael Delay (former owner)
The File & General Storage Company Ltd
“Thanks for helping steer our purchase through. I found your service courteous and helpful.”
Simon Cockbill (Managing Director)
Stor-a-file Imaging Ltd

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How did that happen?

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