Total of 18656 firms and businesses for sale today Saturday 27th April 2024
Sold. Mortgage Broker
LISTING DETAILS
Firms For Sale ID:
12884
Vendor reference:
CG048
Vendor website:
BUSINESS DETAILS
Location:
Primary sector:
Asking price:
£845,000
Turnover / revenue:
Undisclosed
Net profit / cashflow:
Undisclosed
Years established:
9
Number of employees:
8
OTHER DETAILS
Reason for selling:
The founding director has decided to take early retirement and pursue an interest in agriculture.
Support and training:
It is likely that one of the directors would be happy to remain with the business, making the purchase a seamless procedure. The existing director will be willing to remain associated with the company on a consultancy basis for an agreed period of time.
Business is relocatable:
No
Business is web-based:
No
Business is home-based:
No
PROPERTY DETAILS
Lease terms:
The business occupies premises in a rural location. The single storey building covers circa 2000 sq ft at a monthly rent of £1500. The lease is for a four year period with annual break clauses if required
BUSINESS DESCRIPTION
Mortgage Broker
Ref.CG048
Location Somerset
Asking Price £ 845,000
This company was established in 2001 and since inception it has become one of the leading Mortgage and Insurance brokerages in the South West, catering for a large and diverse database of customers located in Somerset, Devon and Dorset. Eighty five per cent of its revenue comes from the sale of mortgage and life assurance products with a further fifteen percent being generated by investment advice.
In spite of recent trading conditions the company has continued to perform well, generating an annual fee income of circa £600,000 with the associated profits being in the region of £350,000 and with Directors drawing salaries from that figure in excess of £130,000.
The growth of the business has been based on regular client contact with the majority of customers receiving a bi-annual visit. This policy has resulted in excellent long term relationships, that in turn have generated excellent levels of referrals that result in an average of over twenty new clients every month. The directors consider that there is no other major competitor in the region.
It is noteworthy that of the three existing director's one may be willing to remain with the business.
Expansion Potential
Development of an IFA revenue stream
Fee based advice for investors
Development of the high net worth client bank