Sale of Executive Chauffeur business
The Executive Chauffeur Business
With a turnover in excess of £1.2 million per annum and over 30 cars and a team of self-employed drivers, this successful Executive Chauffeur business was a highly desirable going concern. Over 90% of its business came from corporate clients on contract in the West London and it enjoyed a healthy profit margin, a strong client base and low overheads.
The business had been set-up as a father-and-son partnership. They decided to sell because the father wanted to retire and the son wanted to pursue other interests.
What Hornblower Did
This business was an excellent opportunity for any entrepreneur so Hornblower took it to market and achieved a lot of interest and a significant number of good offers.
The problem was that the dire economic climate at the beginning of 2008 meant it was extremely difficult to complete as investment funding was not forthcoming.
Hornblower, as a part of our service to clients, has an extensive network of contacts in the Financial Sector. And, through our persistent demonstration of the financial strength of the business, we managed to secure finance and facilitate completion on the deal.
The buyer was able to acquire a highly profitable yet simple business which he now runs for six months of the year in the UK and the remainder of his time he spends in South Africa.
He is now in a position to capitalise on this investment and is keen to acquire another similar business. Hornblower is on retainer to seek and find the next ‘right’ business for him.
The vendors got a good deal that allowed them to extract their capital from the business. The son has moved on to his new ventures while the father decided not to retire and is currently the managing director of the chauffeur company, overseeing the business on a day-to-day basis.