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Sold. Heavy Duty Timber Access Mats/bog Mats/crane Mats Supply Company Sales & Hire

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Turnover / revenue:
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Employees / staffing:
Employees: The owner works full time in the business as Managing Director and is responsible for the key decisions within the company. The owner is responsible for sales but has a small and trusted team of personnel including a part time accounts administrator and part time yard manager at the main site in North West. The company also has an agreement with an experienced third party provider who manages the site in the South East and is responsible for logistics. This is a highly effective model.

Reason for selling:
Reason for Sale: Planning exit strategy to pursue other non-conflicting interests.
Support and training:
Support and Training: The owner is happy to assist with the hand over and the training so as to ensure the continuity of this successful business. This should be a relatively simple and seamless process as the business model is simple.
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Asking price: £2.5Million plus stock at valuation (circa £685,000)

Asking price includes:

Worldwide marketplace
Sales of circa £2.4 Million p.a.
Gross Profits circa £1.4 Million p.a.
EBITDA circa £950,000+ p.a. (pre director drawings)

Extensive client base
High quality stock with huge profit potential
Low running costs
Excellent reputation
40 years successful trading

Business Profile

This highly successful business supplies timber access mats to construction sites requiring heavy-duty timber access in the most challenging of environments and across soft ground. Mats can be either hired or sold to the customer. The hire option has grown strongly over recent years and is an area of particular opportunity with exceptionally positive financial dynamics. Key markets that the company operate within include:

• Construction
• Civil Engineering
• Plant Hire
• Utilities
• Demolition
• Marine

The firm, with sites in both the North West and South East has a history stretching back more than 40 years. Originally a fencing contractor, management identified a large gap in the market for timber access mats, known generically as bog mats or crane mats and has exploited this market to become one of the UK and Europe’s biggest bog and crane mat suppliers and has stock located at strategically located depots to enable hire and sale orders to be delivered quickly and efficiently.

The products this company supplies enables access to sites, where ground can become boggy, muddy, slippery and waterlogged, or conversely dry, or hard to traverse (as with sand and silt). The mats allow a temporary ‘road’ to be built, which can demarcate where vehicles need to travel and to avoid workers on site. They also provide stability for plant preventing topple and overturn and spreading the load of the plant to help distribute pressure.

The mats have a strong environmental rationale. They are used to protect the natural environment and biodiversity on site from ground churn, disintegration and disruption, as well as ground contamination. They can be used to protect turf, paving and even golf courses.

The company is now very much established and is regarded as the leading UK partner for clients requiring timber access mats to construct temporary roadways for a wide variety of uses, from high profile construction projects to wind and solar farms and major pipeline projects.

Clients are based in the UK, Ireland, Europe and further afield. The company boasts some 50 regular customers, many of whom are household names in the construction/civil engineering industries. The company has supplied many high profile projects over the years, including construction projects for the London Olympics and GRTGaz pipeline project in France to name just two.

The company supplies product via both sale and hire. The hire model, in particular, is extremely lucrative with payback periods of 9 to 20 weeks against average hire periods of 14 weeks and life expectancy per bog mat can be up to 10 years. In addition there is an established secondary market for the sale of used bog mats making the hire model even more compelling.

Bog mats whilst often a relatively small cost element of a project are “mission critical” and their effective deployment is pivotal to the success of huge projects. Because of this the company has built an innovative and stable supply chain for bog mats with multiple sawmills in Europe and alternative suppliers available elsewhere so that they offer consistent reliable supply.

Customer Service:

• Only deal with reputable and reliable sawmills to ensure consistent supply

• The company has built a strong relationship with a number of distribution partners across the UK and Europe. These trusted partners ensure deliveries to contractors are accurate and on time.
• Wide range of products available
• Friendly and efficient staff
• Excellent lines of communication with clients
• The products are high quality hardwood and offers excellent value for money and fitness for purpose

Key Strengths:

• Company supplies a relatively low cost product with a mission critical role into high profile, high value projects with exceptional levels of complexity. On time delivery and customer service are critical supply factors and whilst price is important there is scope to make attractive margins both on sale and hire contracts
• Timber bog mats offer a number of advantages over traditional temporary roadways and metal/plastic bog mats. These include the ability to withstand larger, heavier loads, bespoke sizes and attractive secondary market in used mats
• Strong financial performance, low running costs and high profit margins
• Preferred supplier to existing/historical clients
• Strong brand and sterling reputation
• Creation of an international supplier network both in terms of product and transportation that is now mature and stable
• Full turnkey delivery service
• Large stock holding
• Barriers to entry
• Strong pipeline (currently quoting for circa £2.5M+ of contracts)
• Emerged from Covid19 lockdown with minimal business disruption

Key Opportunities:

• There is significant scope for an increase in sales and profitability with more resources focused upon the company’s development, in particular in the hire field where the company is still a relative new entrant and does not currently offer an installation service. The company has a scalable model which the vendor believes will be highly attractive to plant hire companies as well as existing temporary roadway operators.
• Many of the customers are large multi-national companies with numerous offices/ branches. Often the business is only dealing with one buyer from a single office and it doesn’t have many sole supply chain agreements in place. The managing director is the only person doing the sales and has very limited capacity to do networking, sales calling etc. There is therefore huge potential for expansion within the existing customer base.
• Offer an installation service
• Open more distribution centres; UK & Europe
• Expand the product range
• Agree framework agreements with key construction companies
• Opportunity to expand advertising and increase new sales capabilities through further sales and marketing activity
• The business has achieved impressive results to date with limited resource. Further investment in staff (particularly sales) will open new markets, improve account penetration and lead to increased sales fuelling already lucrative profit margins.

Advertising and Marketing:

The business has its own informative website and carries out its main form of advertising via Search Engine Optimisation (SEO) and Google AdWords. It also has a presence on social media.

The business has a large historical client base and has supplied product throughout the world. It enjoys impressive amounts of repeat /ongoing and referral business from customers which bears testimony to its excellent reputation.

Financial Information:

The business is being offered for sale on an going concern basis. All financial discussions will take place directly between the vendor and any interested party under the auspices of Turner Butler.

Sales are as a direct result of projects won and the business has achieved sales of between £2.8-2.4 Million p.a. over the last 3 years. Resultant Net Profits before the owner’s drawings of circa £1.1-0.9 Million p.a. during that time

Sales for current financial year ending June 2020 circa £2.4 Million p.a.
Gross Profits circa £1.4 Million p.a.
EBITDA circa £950,000 p.a. (pre sole director drawings)
Stock circa £685,000 (high quality)

The business is in a very healthy state and has many opportunities at its disposal. At time of going to market it has circa £2.5+Million of quotes outstanding for projects.

Asking Price:

The Asking Price of £2.5Million plus stock at valuation (circa £685,000) is for the Goodwill & Stock of the company.