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Boat servicing and boat building

Reference
S8856
Turnover
Less than £0.5m
Sector(s)
Manufacturing
Region(s)
South West England
Added
19 May 2022

Business description

These businesses, based on the North Cornwall coast, are for sale separately or together.  The businesses are owned by a couple who wish to retire.  

The Boat Servicing Business, established in 2000, provides boat storage, both enclosed and outside, servicing & repairs, launch & recovery and general customer support to boat users in the local area.  The company will do work on any part of any boat, engine or trailer and it also provides preparation and winter layup storage services.

The Boat Building Business, established in 1989, manufactures custom Rigid Inflatable Boats with Lengths from 4.5 to 10.0 metres.  Four ranges of RIBs are available with different hull-forms to suit the performance requirements of different leisure and workboat users. 

The Boat Building business has been operated as a life-style business and has built only c 30 RIBs to date (plus, historically, a number of tenders and rowing boats).  However, after a lot of work, the design of the RIBs and the moulds are now established and proven and volumes could be increased to satisfy what is an increasing demand for these types of boat in the market.  This business could easily be relocated.

Both businesses currently operate out of leased premises comprising workshops extending to c 165 sq m and nearly 10,000 sq m of inside and outside storage space.  In addition to the owners, who both work part-time in the businesses, there are 3 part time employees.  Students are recruited to assist in the high season.

The businesses, which are all sole-traders or partnerships, use a cash-accounting basis.  In the most recent financial year, Boat Building turnover was c £61k with an Operating Profit of c £10k.  Boat Servicing Turnover was c £74k making an Operating Profit of c £18k.  Over the most recent 3 years, Boat Servicing peak sales were c £80k producing a profit of c £50k.

As regards assets, Boat Building owns moulds which the vendor values at £150k.  The other assets of the business (excluding boats) are valued at c £16k.  Boat Servicing assets comprise tools, test equipment, trailers and a work boat which the owner values in total at c £43k.

The Guide Price for both the businesses, excluding all assets except the moulds, is £200k.  This breaks down into £50k for the goodwill of Boat Servicing and £150k for the goodwill and boat moulds of Boat Building.  All the other assets are available as required by the purchaser and by negotiation. 

Financials

Turnover (£'000) Adjusted EBITDA (£'000)
2022 (Actual) 135,000 28,000

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