Background
James, a Partner in our Commercial Property Team, and Rob, a Trainee Solicitor in our Corporate Team, recently completed the sale of a Motor Mechanics and MOT Bay. The business had been on the market for over four years, with the owner seeking to sell in order to retire.
The Client’s Challenges
The client initially approached another firm of solicitors to handle the transaction but was quoted upwards of £20,000. This high cost was due to the other firm outsourcing various elements of the process, as they lacked in-house expertise to cover all aspects of the sale.
At Amicus Law, our dedicated team was able to provide a more competitive quote by keeping all elements of the sale in-house. This included:
- Drafting the new lease.
- Drafting the Asset Sale Agreement.
- Advising on the transfer of employees under TUPE (Transfer of Undertakings Protection of Employment Regulations).
The client also faced difficulties during the marketing process, with several buyers withdrawing at different stages. One potential buyer even went as far as incorporating a Company under the trading name of the business, which should only occur after a sale has completed. Amicus monitored this situation carefully to ensure that the buyer either dissolved the Company or changed its name, safeguarding the client’s trading name.
The Sale
Once a committed buyer was found, Rob and James worked to drive the transaction forward. Despite numerous delays from the buyer’s solicitors, they managed to complete the sale within just eight weeks of the Heads of Terms being circulated by the agents.
The Outcome
The client was finally able to sell his business and move into retirement after years of setbacks. By keeping all aspects of the transaction in-house, Amicus delivered a cost-effective and efficient service, providing peace of mind throughout a challenging process.
Client Feedback
“Been dealing with Rob Thomson from the Yeovil branch over the past four years during the sale of my business, Rob has exceeded the level of service I expected and he got the sale over the line. Great service thanks to Rob and James.”