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.
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.
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.
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.
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