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Substantial Scaffolding Contractor Southern England

  • Leasehold Price: £2,500,000
  • Annual Turnover: £1,981,221
  • Annual Gross Profit: £930,923
  • Annual Net Profit: £781,894
Seller Reference: HW1531
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Business Description
Seller Reference: HW1531
Request Details
Business Description
SCAFFOLD CONTRACTING COMPANY
DESIGN & INSTALLATION OF VARIOUS SYSTEMS
FOCUS ON LARGE SCALE HOUSING DEVELOPMENTS
SITES IN SOUTH EAST OF ENGLAND
ESTABLISHED IN 1988 & CONTINUING TO GROW
TURNOVER INCREASED 43% IN 2019 TO £1.9M
ESTIMATED GROSS PROFITS UP 70% ON 2018 TO £0.93m
ALL OPERATIVES CISRS-TRAINED AND REGISTERED
£1M OF ASSETS INCLUDING 450,000ft OF TUBE

An established, profitable scaffold contracting business serving commercial and residential clients across the South of England for the past 30 years.
In addition to single property developments and large scale building sites of many hundreds of houses, temporary roofing, shoring, containment and painting projects are also regularly undertaken. The business continues to grow and is active in West Sussex, Surrey, Middlesex, Berkshire, Hampshire, Wiltshire, Dorset and London. Performance highlights from the company's accounts examined by Adams & Co covering the last 4 years ending 30th of June are:

Year Turnover Gross Profits Gross Margin
2019 1,981,221 930,923 47%
2018 1,379,035 545,118 40%
2017 1,279,407 465,750 36%
2016 981,760 345,341 35%

A profitable scaffold contracting business serving major house builders and selected commercial and residential clients across the south of England for the past 31 years. In addition to large scale building sites of many hundreds of houses, other projects undertaken include individual housing developments, temporary roofing, shoring, containment and painting. The business continues to grow year on year with an enviable track record of winning 85% of tenders submitted over the last 3 years with average contract values of £600k. Contracts in place with major housebuilding clients normally of 3 years’ duration. The number of projects undertaken each year varies from 6 to 12 across various sites. The company is currently engaged on 8 housing development sites across Hampshire, Berkshire, Surrey, Dorset and West Sussex with 3 more sites waiting to start.

FINANCIALS

Turnover for the 12 month trading period to 28 February 2019 taken from management accounts. Gross profit margin of 40% for 2019 is assumed to be a repeat of the prior year’s performance. Key figures from the company's accounts examined by Adams & Co for the years ended 30th June 2016, 2017 and 2018 were as follows:
Year Turnover Gross
Profits GP % Recon. Net Profit
2019 1,981,221 930,923 47% 781,894
2018 1,379,035 545,118 40% 390,235
2017 1,279,407 465,750 36% 336,471
2016 981,760 345,341 35% 254,052

Assets in the sale include approximately 450,000 ft of tube, 250,000 ft of board and around 70 metal staircases. There are 25 vehicles including one 26 tonne truck and two 18 tonne lorries plus two fork lifts.

ACCREDITATIONS & AWARDS
Members of Safe Contractor & CITB
SMAS Accredited

BUSINESS PREMISES:
(all sizes are approximate & should be considered 'nominal'.)

The business operates from Porta Cabins within a secure yard on a Business Park in Hampshire. The fenced site extends to 1,525 sq m (16,000 sq ft)
Note:
Where items of equipment and appliances are mentioned, no warranty is given or implied as to their operational condition.

TENURE:

The site is secured on an expired but renewable lease at a current annual rent of £10,000 pa. A new lease on favourable terms would be available from the private landlord if desired.

RATES:
The rateable value of the land used for storage and office
accommodation is £16,250 with rates of approx. £4,000 payable in 2017/18.
NOTE:
This information has been obtained either from the current rate demand for the property, by telephone from the local authority or by reference to the VOA website. The amount payable is the standard rate for the Rateable Value shown. In some circumstances this may vary, and therefore it is recommended that potential buyers make their own enquiries through the local authority to check the applicable rateable value and whether the rates payable will be the figure quoted above.

SERVICES:

We understand from the vendor that mains electricity is connected to the administration offices.

HOURS:

Monday to Friday 07:30 to 17:00

The company offer a 24 Hour Emergency line.

STAFF:

The 2 retiring Directors leave day-to-day management to their General Manager who also directs the company's 12 fully-employed, CISRS-trained and registered scaffold operatives. £320,000 was paid to an Agency for the supply of sub-contract scaffold operatives during the year ended 30 April 2018.

STOCK/ASSETS:

The vendor informs us that the value of the assets is approximately £1M -see below.

LEGAL FEES:

Vendors and Buyers each to meet their own legal costs, but if a lease is to be assigned from the vendor to the buyer they will also be expected to share the landlord’s legal costs on a 50/50 basis. If a buyer wishes to negotiate a ‘new’ lease, they will be responsible for all the landlord’s legal costs.

ASSETS INCLUDED

The following inventory of wholly-owned stock and assets
valued at £1,078,743 will be included in the sale:

ITEM Cost Total Holding Value £

Tube per foot 0.85 450,680 Ft 383,078
Boards per foot 0.66 250,501 Ft 165,330
Fixings: D/C 1.80 40,663 73,193
P/C 0.80 54,337 43,469
Swivels 1.80 8,194 14,749
Sleeves 1.60 6,726 10,761
Ladder Tower 6m 2,880 41 118,080
Brick Guards 5.00 6,948 34,740
Ladders per foot 4.10 4,017 16,469
Loading Bay Arms 85.00 168 14,280
Beams per foot 6.50 1,821(6m) 10,926
Diamond Beams 165.00 33no x 3m 5,445
Fittings Bins 40.00 134 5,360
Ladder gates 25.00 210 5,250
Stillages Tube 30.00 142 4,260
B/Plates 0.40 10,423 3,417
Sole boards 0.40 7,321 2,928
Rubbish Chute 30.00 62 1,860
C.i.Sheets 7.00 260 1,820
Cleats each 12.00 574 1,148
Screw Jacks 15.00 70 1,050
Stair treads 10.00 185 1,850
Board clips 1.20 1,163 1,395
Alloy Towers 600.00 2 1,200
Alloy tube 20.00 40 800
Adapters 1.10 415 456
Ladder clamps 1.05 180 189
SK 1.90 132 250

Total £923,753

Vehicle Fleet

1 x 26 tonne Iveco Stralis 310
2 x 18 tonne DAF lorries
1 x Transit Half Back
2 x Transit Connect Vans
2 x Vauxhall Combo
1 x Land Rover Freelander
11 x Vauxhall Astra Vans
2 x Vauxhall Astra saloons
1 x Ford Transit Connect
1 x Mitsubishi Outlander
1 x Mercedes
2 x Fork Lift trucks

Vehicle Fleet Value c.£120,000

Office Furniture & Equipment - Desks, Chairs,
Cabinets, Computers/Printers/CCTV 17,100
Mechanical Equip inc. 2 x Jet Wash 2 ,300
Tube Racks x 2 1 ,100
Hand Tools 2,840
Work Clothes/Boots 650
Total £34,990

COMMENTS:

The Directors wish to retire but would consider ongoing consultancy services post-sale on terms to be outlined and agreed.
Financial information will be made available to seriously interested purchasers after they have formally viewed the business.
Tenure:
Leasehold
Location Details:
Hampshire
Leasehold Term:
The security-fenced16,000 sq ft site is secured on an expired but renewable lease at a current annual rent of £10,000 pa. The private landlord will grant a new lease if desired. The business offices are housed within Porta Cabins.
Is this business relocatable:
Yes
Listed by:
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