The primary revenue streams are partial or full restorations of classic cars (65%) and then ongoing maintenance and repair work (35%). There is very little requirement for advertising, with word of mouth being sufficient to maintain a 12 month order book. The reputation of the business means that the vehicle owners are spread nationwide, with the restoration project typically transported to the workshop, restored over a period of 3 or 4 months and then transported / driven home by the owner.
The current owner runs it on a lifestyle basis, which provides significant growth opportunity to someone who actively seeks to develop it.
Increasingly projects are of an ‘investment type’ with classic cars seen as providing a good return on investment, and this is driving demand further.
In addition to the owner, the business has one other full time employee who will be keen to remain. Typically the owner focuses on mechanical, engine and wiring work while the employee carries out the majority of the work, particularly welding, bodywork, respraying and interior work.
Turnover for the last financial year was £81k generating owner earnings of £20k. The guide price for assets (including machinery, tools, a large stock of 2nd hand parts and small stock of new parts) and goodwill is £39,500. The owner is keen to ensure customer relationships are unaffected by the sale and will therefore be happy to structure handover support accordingly.
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