|Deal completed in:||10 months|
The Archive Business
This was a subsidiary of a much larger office removals company and had developed as an add-on to the core business, offering long-term off-site storage for documents and papers. This is not a location specific function; it merely requires capacity, security and accessibility.
The main business needed a cash injection during the difficult trading environment of 2008 to ensure its survival. Rather than borrowing funds, the owner decided to sell off this pure-profit, non-core business stream to meet this requirement.
What Hornblower did
There are many archive businesses with spare capacity but the problem they face is that the market is highly competitive and customers are relatively inert as the process of changing suppliers is difficult.
We targeted our extensive database of buyers in the archive and document management sector and quickly created considerable interest and some good offers.
We secured an excellent offer that permitted our client to inject cash into his core business to ensure continuity and growth.
The buyer acquired additional clients and transferred the business to their own premises, significantly cutting costs. The business has continued to grow.
SOLD – May 2011