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BUSINESS REFERENCE : CM013 / RightBiz CM013-WATFORD-£ 235,000-SOLICITORS – SPECIALISING IN MATRIMONIAL & LITIGATION | | | | | | Solicitors – Specialising in Matrimonial & Litigation Ref.CM013 Location Watford Asking Price £ 235,000 Confidentially offered for sale | | | BUSINESS LOCATION: | Undisclosed Relocatable UNITED KINGDOM | | BUSINESS SECTOR: | Services | | TRADE TYPE: | Legal Business | | SALE: | Agent Sale | LEASEHOLD: | £235000 | | | | | | | | | | | BUSINESS DETAILS: | Business profile:
Established over sixty years ago, the current owner purchased this successful practice in January 2007 and has built on the existing platform and continued to grow both clients and turnover in a practice that has plenty of room to expand within their existing premises and operation, with excellent future growth potential still to be enjoyed.
This is an ideally located solicitors practice situated on a busy High Street in the densely populated town centre of Watford, in a busy pedestrianised shopping centre, close to the bus and train stations and with several local car parks nearby, providing them with a constant stream of passing foot traffic. They operate from the substantial period office that was once an impressive residence of a Duke of the Realm and specialise in matrimonial, residential, litigation and wills etc. There are a total of two solicitors including the owner, very ably assisted by a team of very knowledgeable and experienced staff. This enables them to provide an exceptional level of service to all their clients and this, combined with speedy response to all enquiries and augmented with good client communication, truly sets them apart from other practices and has been the basis for their tremendous growth pattern to date.
They have a reputation among their clients as being reliable and efficient; a reputation that has been hard won and maintained each and every day, due to the knowledge, unswerving diligence and hard work imparted by all staff and principles. This is a business that has carved a niche for itself and will maintain this niche into the future, providing ever greater levels of growth and profit into the future. There are several lucrative avenues a new and enthusiastic owner could take this business.
With a strong client base and lots of recommendations this is a remarkable opportunity offered to a solicitor to branch out on their own with a lucrative and profitable business, or for an existing practice to acquire an excellent customer base and high additional profits, with a quick return on investment, one that also offers lots of potential still to be enjoyed and benefited from. This could be ideal for a firm of City Solicitors wishing to move out from the high rents of the city to an easily accessible and well established practice, with lower overheads and plenty of room for expansion, or for a solicitor wishing to carve out their own niche in this industry.
Customer Service:
The business considers simply that happy clients come back and on that simple basis has maintained levels of product and service quality intended to best guarantee that happiness. The results of this commitment are evident in the degree of return custom and the choice of this practice by new clients over competitors.
A client centred, welcoming and friendly service is offered with excellent professional advice. Every effort is made in order to satisfy client requirements. This business does everything possible to enhance its excellent reputation and to develop commitment to clients needs providing thorough and high, added value service; with a promise of trust earned over the many years where client welfare is paramount.
Key Strengths:
Speed and service are just two of the many areas that this practice believes sets them apart from and gives them a clear competitive edge, over other business’ and their local touch offered with clear, concise and diligent advice on all occasions certainly helps too.
The vendor has built on an already successful name and reputation that has resulted in customer relations founded on a history of trading satisfaction and not contingent upon particular relationships with the vendor.
The business is well established and profitable, with a strong and increasing client base, retaining a high level of return custom, many of whom having done so on a regular basis for many years.
Growth and Expansion:
The current market for this business is growing and is forecast in the near and longer term for significant growth. The business is well positioned to take maximum advantage of this growth as it occurs.
This business is based in an attractive and busy location and could certainly achieve increased sales and profits. The business would ideally suit an owner who could build on this Company’s excellent reputation and relationships with the strong client base.
Key Opportunities:
There is an excellent opportunity to build on the existing base of this company. With a strong demand for services and capacity to increase turnover, a new owner would contribute fresh ideas and outside influence to build on an excellent base.
This business has developed a proven business model that could easily be replicated by opening a number of additional units in this and other areas. Fresh ideas could also lead to new markets, for example into the commercial property or business arenas.
Premises:
This practice is ideally located in the pedestrianised shopping centre of this densely populated and busy town centre in the middle of the high street, near to both bus and mainline train stations, with plenty of local car parking available and as such benefits from a large volume of passing foot traffic.
This is an impressive and substantial period property that is currently under utilised thus offering plenty of scope for expansion. It benefits from a good renewable lease with extremely low overheads and was once the residence of a Duke of the realm, situated on three floors including the ground floor, with a large rooftop sun area offering impressive views over the town and surrounding countryside. There are also three car parking spaces owned by the firm.
Business Hours:
Monday – Thursday: 9.00 – 5.30
Friday: 8.30 – 4.30
Advertising and Marketing:
The business has used little advertising in the past, so there are excellent opportunities to increase this activity, develop the name perhaps through marketing the business more aggressively and to significantly increase turnover. There is currently no website and investment in this area would also undoubtedly increase turnover and subsequent profits.
A high proportion of the business's revenue has been due to its excellent reputation for quality and service and strong word of mouth recommendation.
Financial profile:
The business is being offered for sale on a going concern basis, all financial discussions will take place directly between the vendor and all interested parties under the auspices of Turner Butler.
The business is financially stable with no borrowings, very low overheads and positive cash flow, enjoys extremely strong customer traffic and has shown consistent growth over the years of trading.
Sales revenue is circa £234,000 per annum with good gross and net profits and the vendor feels that with a greater focus marketing combined with existing growth patterns the business could dramatically increase its revenues.
Support and Training:
The owner is happy to provide a handover period for the new owner and will offer support after the sale as well as introducing the new owner to clients and agents where appropriate.
Reason for Sale:
Because of on-going family commitments the owner has reluctantly decided to sell this lucrative practice that still has immense potential to grow. | | | | | | FOR SALE | | | | | SELLER: | TURNER BUTLER | | CONTACT: | 01895 25 6000 | | REFERENCE: | CM013 / RightBiz | | ENQUIRIES: | | | | | | | | | | | | | | | | | | | | |
