Imported Vehicle Fleet/Dealership Opportunity

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SORRY THIS BUSINESS HAS ALREADY BEEN SOLD

Business Opportunity - Imported Vehicle Fleet/Dealership Opportunity

Imported Vehicle Fleet/Dealership Opportunity

We are instructed to invite offers for the total assets of the Car Corner Ltd, pending their anticipated forthcoming insolvency. The company operate from rented premises in Rochdale and they also sell online.

The principal asset is stock and in particular, twelve accident damaged vehicles bought through a salvage tender in Japan and imported to the UK. These twelve vehicles are all right hand drive and all accident damaged, with the bulk still awaiting repair.

The company paid £36,000 in total for these vehicles, averaging £3,000 per vehicle. Whilst some monies have been spent subsequently on these vehicles, all bar two still require repairing and only one of the vehicles (a 2010 Toyota Auris) has been registered with the DVLA in the UK, which means the other eleven all still require registering.

The company’s other vehicle stock comprises five vehicles in poor condition and in most instances non-runners. Four of these five additional vehicles were bought two years ago or more and one vehicle was bought in June of this year.

The company’s other physical assets comprise a jet wash, compressor, 2 battery boosters and some very minor IT equipment.

The company’s intangible assets comprise any rights they might have to their trading name, domain name, website and other elements of goodwill/intangibles.

By way of background information, the company turned over approximately £500,000 in 2020 and 2021. Turnover increased to approximately £650,000 in 2022. Gross profit has ranged between £70,000 and £100,000 per annum in the last 3 years and net profit/loss has been +/- £20,000 per annum.

We are instructed to invite offers on two basis, either:

• The vehicular stock in its entirety, as per the attached inventory. We would include the minor value non-stock physical assets, referenced above, in such a sale, or,

• The company’s total assets, comprising the stock and other physical assets plus the company’s intangibles.

Please note a successful buyer cannot take over the current trading premises, because they are rented to a different party, who informally grant this company a licence to occupy.

VAT is unlikely to apply because the stock comprises passenger cars and if the successful purchaser was to also acquire the intangibles, the transaction could be zero rated on the basis it is a TOGC.

Bids must be received in writing, addressed to Jonathan@robsonkay.co.uk, no later than close of business on Wednesday 22nd November 2023.

Please note the minimum price we will be able to accept is £30,000 and any offers below that figure will be automatically rejected.


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Documents

Imported Vehicle Fleet/Dealership Opportunity 1 (TakhQJ-0.xlsx)
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