Tim hogarth antiques
Sector: Retail
Type of business: Two pawnbroker shops
Location: Bradford
Motivation for sale:
To free up more of the owner’s time, including for his television work as an ITV antiques show presenter.
Acquirer profile:
Harvey and Thompson Ltd is the UK’s largest pawnbroking chain
Marketing strategy:
We worked on targeting potential buyers to acquire the company’s assets. Several market-leading pawnbrokers/jewellers expressed interest in pursuing the opportunity, wanting to meet with Tim, visit the sites and discuss the business in more detail.
Negotiation strategy:
As the process continued, it became evident there were two strong parties who could potentially purchase Hogarth Antiques. We negotiated with both, until an offer was received from Harvey and Thompson which Tim was more than happy to accept. The transaction value was based on the value of the pledge book at completion and consideration for the value of any layaway stock/customer deposits. Once exclusivity was agreed and we moved towards completion, it was agreed the purchase price would reflect the value of the pledge book at completion and the layaway customer stock, in line with the price of gold on the day of completion. This resulted in the transaction value being increased on the day of completion, resulting in the client receiving a larger sum of money than expected.
Vendor's comments:
“I was happy, it was an easy process and KBS handled it well. I would recommend KBS Corporate to anyone who wants to explore a business sale and is seeking sound advice.”
Acquirer's comments:
“We are a national business but we don’t have national coverage. There are areas of the country where we are under-represented and we have been looking to open between 15 and 20 more stores. Acquiring Hogarth Antiques is part of our steady and sustainable investment in growing our store estate and that will continue.”