Auction Room Business In Major East Sussex Town For Sale

Business description

Our client established this highly successful business in 1995 and is now selling for genuine ill health reasons. Auctions comprise Fine Art and antiques, household and general items, collectables, modern and antique furniture. Many of the entries are made as a result of the high reputation the business has established together with entries organised via solicitors, estate agents, house clearers, independent valuers and from the website of the business. Auctions are arranged at varying dates depending upon the items being offered for sale.

Commission to sellers is 12% for antiques and collectables and 15% for general items. A buyer’s premium of 15% is charged. In addition to auction services, the business also provides written probate and insurance valuations and valuations for inheritance tax. There is a website with online payment facilities.

Draft accounts for the year ended 31st July 2008 show that sales reached £1,323,933 with £369,011 gross profit being achieved.

The kitchen is currently operated by caterers who are not charged any fee for occupation but new owners may wish to take over this aspect and boost the net profit of the company.

The purchase of this business is considered ideal for a valuer/auctioneer, an existing auction house wishing to increase its sphere of operation or a purchaser with entrepreneurial skills and ability.

PRICE
Offers in the region of £250,000 for the shares of the company.

Property information

Property:

Leasehold

Lease terms:

A new 12 year lease at a basic commencing rent of £20,000 per annum reviewed annually in line with the retail price index.

Location:

The premises are situated in a major town with a population in excess of 94,000 residents. The town is of a mixed nature with large parts comprising high class property. There is a mainline railway station and good road connections to surrounding areas and London.

Other information

Reasons for selling:

Ill health.