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Northwest Digital Project Based Agency for Sale
We are instructed to seek indicative offers for the total business assets of a northwest based digital agency which is anticipated to enter into administration on or around Friday, 28th October/Monday, 31st October 2016.
The company employs around 14 staff and currently has a breakeven point, excluding rent, of around £750,000 to £800,000 per annum, the bulk of which is made up of salaries.
The company currently enjoy a rent-free period which ends within the next few months, following which the abovementioned breakeven point will rise accordingly.
We understand turnover in the last full financial year was around £550,000 representing a loss of £230,000. We further understand turnover in the almost seven months since the last full financial year ended is around £300,000 i.e. at a very similar annualised level to the previous full financial year.
The company has no contracts or retainers, meaning there is no guaranteed or even anticipated income of any description whatsoever until new potential projects are won.
The company own a small number of physical assets comprising primarily desks, chairs and IT equipment.
The staff were not paid at the end of September and any purchaser will need to take on the staff together with any TUPE liability in relation to same – we understand gross payroll per month is around £44,000.
We have already received an offer at an acceptable financial level however we are instructed to see if any other party might be interested in making an offer between now and the date of the anticipated administration/sale.
In the first instance, please contact Jonathan Kay at Robson Kay, sole agent in relation to this matter, for further details
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