Richard Marsden contacted Anne Hutchings, Managing Director at Hutchings in May 2012 because he was concerned over the sale of his business. He owned a group of pharmacies in a limited company and at the time of sale this totalled 6 pharmacies across North Yorkshire.
An agent who acts for buyers had approached Richard with a buyer for his group. They had got as far as making an offer and drawing up Heads of Terms (HOT’s). At this stage the HOT’s hadn’t been signed as there were points neither Richard, his solicitor or accountant understood plus the fact that he was unsure whether the buyer had sufficient funds to complete the purchase. He was finding the whole experience overwhelming! Richard had got to the point where his focus was almost entirely on the sale.
Anne Hutchings agreed with Richard that she would start from scratch and re-negotiate the Heads of Term’s, vet the buyer thoroughly to ensure sufficient funds available, and obtain a substantial deposit on our terms in exchange for a limited period of exclusivity. On behalf of R S Marsden group, Anne successfully re-negotiated the offer increasing it by £321,000.
From start to finish there was a lot of negotiation and assistance required with accounting matters and structuring the sale. Anne was able to use her extensive knowledge and experience of pharmacy sales to negotiate the best possible outcome for Richard. Hutchings accountancy expertise was also invaluable during the actual price negotiations.
Through persistence and determination by Anne, she was able to secure a substantial deposit from the buyer attached to a very tight time sensitive deposit form. The deal progressed through to a successful completion and this allowed Richard to concentrate on other business interests.
“I contacted you as I had been struggling with what was being offered privately by the buyer and his advisors and the structure of the sale and found it overwhelming. You took all the issues on board, vetted the buyer to ensure sufficient funds were available, re-negotiated the deal and improved the terms and conditions, which resulted in you securing a substantial deposit from the buyer as well as negotiating a higher price than was originally offered.”
Mr Marsden, North Yorkshire
This demonstrates that for private sales, Hutchings can negotiate a better price and terms & conditions of sale than you are ever likely to achieve yourself. Our fee was a fraction of the extra price achieved and of course Mr Marsden had the added bonus of us obtaining better terms of sale and reducing his stress levels.