This business, established several decades ago, offers the best of British craftsmanship, providing bespoke furniture and interior solutions world-wide to an elite client base. The client base includes prestigious corporate and private projects worldwide and high wealth individuals, all of whom expect the very highest levels of service coupled with absolute privacy and discretion.
The business will either engage with the end client directly, or via an appointed architect, main contractor or designer. A typical year will involve a couple of larger projects, each in excess of £x.xM, a handful of projects with values in excess of £xxxk and then a number of smaller projects, with around 80 projects completed in a 12 month period. Within the large contracts, the business often ‘cherry picks’ the elements it wishes to fulfil, and turns down a lot of ‘more mainstream’ joinery work that could be accommodated with an additional joinery facility.
The business operates from well-equipped leased premises located in Wiltshire, and employs over 25 staff full time. Staff churn is very low and this longevity of experience enables it to produce the highest quality furniture and interior design solutions, innovating with both materials & techniques applied.
Annual turnover is in the order of £xM, delivering an adjusted EBITDA of c £xxxk to £xxxk. The business model generates consistent returns and has proved itself to be fairly recession proof - a degree of outsourcing of work ensuring the business can flex successfully between fixed and variable costs.
The payment structure ensures that the business is ‘cash rich’ and bad debts are low. The nature of the debtor book (predominantly wealthy individuals) means that it is not a suitable vehicle to raise debt finance.
The Guide Price sought by the Vendors for 100% of the shares is £x.xM. The business will be sold on a debt free, cash free basis to include a Net Asset Value at Completion expected to be c. £xxxk. This business is an extremely unusual opportunity and will be an attractive acquisition for larger trade buyers looking for a ‘halo effect’ and access to an ultra wealthy client base and also high net worth individuals looking for a unique and profitable stand alone opportunity.
The vendors will provide appropriate handover support although the existing management team is very capable of running the business on a day to day basis.