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Service, repair and sale of Gym/Exercise equipment

Ref. IO037

Location : South West England

Asking Price : £240,000 + Net Assets

Turnover : £273,000

Net Profit : Undeclared

Gross Profit : £169,000

EBITDA : £147,000

Net Asset : £358,000

Premises : Leasehold

Confidentially offered for sale


  • Turner Butler

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Asking price includes:

Turnover of c. £273,000 per annum (2017 accounts)
Gross profit c. £169,000
Net Assets c. £358,000
Adjusted EBITDA £147,000

15 years historic trading
Un-challenged trading in SW England
Fully equipped workshop
Excellent repeat customer base
Knowledgeable, experienced and motivated team
All tools of the trade included in the sale
Parking
Prominently situated premises
Goodwill

Business Profile

This successful regional business was set up over 15 years ago and provides a comprehensive servicing and workshop service for all types of commercial gym equipment such as:
• Treadmills
• Crosstrainers
• Cycles
• Spin Cycles
• Rowers
• Climbers
• Resistance Equipment
• Steppers

The business operates within the expansive South West of England region region and from Bridgwater to the far parts of Cornwall and the Dorset coast.

The business has built up a sterling reputation in the area during this time and provides an essential and reliable service; this is especially important to clients since this business has no real alternative, regional provider capable of reaching and turning around repairs and services in a timely fashion.

This profitable business has established itself as a market leader in the region with an enviable reputation for quality and service, because of this the business enjoys very high levels of referrals and repeat business, which constitutes circa 90% of all trading.

Customers include:

• Schools
• Colleges
• Sports clubs
• NHS Hospitals
• Police Stations
• Hotels
• Leisure Centres

The vendor has an excellent team of freelance staff and one full time engineer who runs the workshop business on a day to day basis; and accounts for circa 60% of general activity. Staff are fully conversant with the latest equipment and workshop techniques and the business is compliant with all necessary health and safety regulations and codes of practice.

Location is ideal being close to main trunk roads including the A38 and M5 motorway giving rapid & easy access throughout the South West; and also has ample storage and workshop capacity.

A small amount of business is in the sale of reconditioned equipment and domestic customers account for circa 5% of trading.

Equipment:

The business has a comprehensive range of equipment and spares as you would expect from a very well established specialist business of this kind. All plant and equipment is 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 business enjoys and the fact it does not need to advertise.

Staff are up to date with all technical requirements for the popular fitness brands, including:

Wattbike
Lifefitness
Cybex

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

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.

Turnover of c. £273,000 per annum (2017 accounts)
Gross profit c. £169,000
Net Assets c. £358,000
Adjusted EBITDA £147,000

The business generates impressive profits. The vendors have 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.

Asking Price:

The Asking Price of £240,000 plus net assets is for 100% of the issued capital of the company, assuming Net Assets of £358,000 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 £358,000 at completion.

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.

Growth and Expansion:

The business has enjoyed steady growth over its lifetime and has reached a happy level of trade, this is expected to continue in light of its established and loyal customer base. The business has room for expansion if need be and this could easily be achieved if a new owner wished to employ more pro-active marketing & sales as the demand is already proven in the region.

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 this growth as it occurs as it has the necessary infrastructure in place.

Premises:

Premises are a real strength of this business. Ideally located on a discrete and busy industrial estate that is close to the A38 carriageway and its connection to the M5 Motorway and on a busy thoroughfare in its own right the business is very well known and accessible.

The unit is circa 700 square feet and comprises a workshop and storage are with mezzanine, toilets and small kitchen with alarm and shuttered security. There is ample forecourt area and parking for some 2 plus vehicles.

Premises are leasehold. Current rent is circa £6,000 per annum on a rolling basis It is understood a new lease could be made available to a new owner, subject to negotiation.

Business Hours:

Monday – Friday: 08:00-17:00

Employees:

The vendor works full time in the business and is ably supported by a full time engineer and a reliable & trusted team of freelance staff.

Support and Training:

The current owners would be happy to provide full training and support at handover.

Reason for Sale:

Genuine retirement sale.

Looking for finance ?

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

Turner Butler Disclosure Statement

This statement applies to information relating to any company or other undertaking or business advertised for sale by Turner Butler (a 'Business')

The information supplied by Turner Butler on its website or in any other promotional material ('the Information') is not and is not intended to constitute an offer for sale of the Business or any assets of the Business or of the shares of any company which owns the Business.

For the avoidance of doubt there is no intention to create a legal relationship which will only come into existence when a written contract for sale and purchase of the shares in or the Business has been entered into

The Information provided is not intended to address your particular requirements. Further the Information does not constitute any form of advice recommendation representation endorsement or arrangement by Turner Butler and is not intended to be relied upon in making (or refraining from making) any specific decisions.

Any agreements transactions or other arrangements made between you and any client of Turner Butler are at your sole risk and responsibility. The prospective sellers of the Business have provided the Information to Turner Butler. The Information has not been verified by Turner Butler.

You must carry out your own due diligence and satisfy yourself as to the accuracy of all matters. In the case of the sale of shares in a Business the Information has been prepared on the basis that the shares will consist of or include more than 50% of the voting shares and that both the seller and the buyer is either a body corporate, a partnership, a single individual or a group of connected individuals so as to fall outside the scope of regulated activities as defined by the Financial Services and Markets Act 2000. If you are considering a transaction which falls within the scope of such regulated activities you cannot do so through Turner Butler.

Appropriate professional, legal and accountancy advice should be obtained before making or refraining to make any decision.

Turner Butler does not accept any responsibility or liability for loss or damage of any nature that may occur by reliance on the Information. Neither Turner Butler nor any of our employees or agents makes any representation as to the completeness or accuracy of the Information nor do we accept any liability for any losses, costs, liabilities or expenses which may arise directly or indirectly from your use of, or reliance on the Information.

This document is governed by and shall be construed in accordance with English Law and any dispute arising in connection with it shall be subject to the non-exclusive jurisdiction of the English courts

Turner Butler
Ickenham House, 2-4 High Road, Ickenham, Middlesex, UB10 8LJ
Telephone 01895 25 6000 Facsimile 01895 25 7777
info@turnerbutler.co.uk
www.turnerbutler.co.uk