We are pleased to announce the completed sale of Bicknacre Boarding Kennels & Cattery in the village of Bicknacre, Essex.
Dennis & Iris owned and ran the business for more than 25 years and both now in their 80’s were wanting to retire. They had tried selling the business previously with a local residential estate agent but did not have any success. A business such as a kennels which often comes with a residential property enclosed must be marketed as a business with accommodation rather than accommodation with a business. Buyers must be interested in the business first of all to then be happy with the accommodation provided. Unfortunately too many residential estate agents ignore this fact and try to market businesses for sale but also don’t understand the best and most suitable place to market them.
We actually had 3 different buyers for the business throughout the time we were marketing it. The other 2 buyers fell out when they were unable to sell their own properties or unable to move quick enough at the time to get a deal agreed. We have stayed in regular contact with our client to ensure that whilst progress was slow we still stayed in touch and answered any questions they had throughout the process.
The buyers initially approached a High St bank for funding to buy the business but were refused initially. We introduced them to a commercial finance broker who was able to present their case in the right way and went back to the contacts they had at the same High Street bank and they are the ones who actually provided the lending for the family to buy the business. A classic case of understanding what banks are looking for and knowing how to present the information to them in the right way. A good broker is well worth the fee to allow you to get the right funding.
We wish the new buyers, the Kleanthous family the best of luck with their new business venture and are sure they will make a great success of it. I know they have exciting plans to develop and enhance the business which we look forward to seeing.
We also wish a happy retirement to Dennis & Iris and hope they now have more time to spend with their family and travelling.
If you have a kennels or cattery business in Essex please keep an eye out for our letter coming out to you this week and if you are thinking of selling and would like a FREE valuation please get in touch as soon as possible.