accountant-1238598

STRONG FINANCIAL PERFORMANCE

Hilton Smythe annual results reveal strong performance for 2016-2017.

Hilton Smythe, the Bolton based team of business brokers that assists small and medium enterprise owners to buy and sell businesses across the UK, has delivered strong results for the financial year ending 31 May 2017.

Highlights of the year-end report include:

  • Business sales increase of 97%
  • An increase in the total turnover from £1.2m to £1.5m
  • Profit levels have more than doubled

Founded by Gareth Smyth and Craig Graham in 2011, award-winning Hilton Smythe has seen significant growth in 2016/17. It assisted in the sale of thousands of businesses across the UK, and recently celebrated a record month, wherein they arranged and completed on the sale of 49 businesses during March.

Gareth Smyth, Group Managing Director at Hilton Smythe, said: “FY16/17 has been the most successful year in Hilton Smythe’s history. We have seen an increase in turnover of more than 25%, and have celebrated a record month of sales in March, which was a fantastic achievement for the team. This maintains our year on year growth pattern

“The increase in sales by 97% demonstrates the improvements we have made in the business this year in terms of the training and quality of staff. We are delivering a great service to our customers throughout the UK and want to be the best agent in the small to medium business sales arena. With our collective experience and knowledge of the business world, we are in a key position to offer advice and guidance to entrepreneurs ready to take their next step in their career.”

Group Operations Director, Craig Graham, said: “We are delighted with this year’s results, however we will not be resting on our laurels. We are determined to set a record month for sales, and expect to increase our turnover and profits again by the end of the next couple of financial years. We are aiming to be the company to turn to when selling a small business throughout the UK

“I would like to thank the stakeholders and staff at Hilton Smythe for their support and hard work this year, and I am excited to see the results next year.”

Tel: 01204 556 302
Email: enquiries@hiltonsmythe.com

If you need any further information or want to talk to someone about buying or selling a business simply fill in your details below:

[contact-form][contact-field label=’Name’ type=’name’ required=’1’/][contact-field label=’Email’ type=’email’ required=’1’/][contact-field label=’Contact number’ type=’text’ required=’1’/][contact-field label=’Requirements’ type=’textarea’ required=’1’/][/contact-form]

fries-1219189_1920

North Sea cod certified as sustainable

 

Source: NFFF –MSC – North Sea Cod E-Newsletter – 19th July 2017

British favourite – cod is back on the menu after 10 years of industry effort

Over a decade since North Sea cod stocks came close to collapse, fish merchants, suppliers, restaurants, fish and chip shops and their customers can finally buy the popular species with a clear conscience and a recognised certification. Scottish and English cod boats, belonging to the Scottish Fisheries Sustainable Accreditation Group (SFSAG) are now MSC certified.

Thanks to the enormous efforts of a coalition of fishing organisations with support from seafood brands and the industry body, Seafish, North Sea cod has passed an independent assessment against the MSC’s strict standard. The news means that – subject to strict traceability requirements – North Sea cod can now be sold through MSC Chain of Custody certified supply chains from MSC fish suppliers to certified restaurants and fish and chip shops bearing the MSC ‘blue tick’ label.

Chip shop owners and customers will be delighted they can now enjoy this certified sustainable and fully traceable iconic British fish.

North Sea cod’s long road to recovery
The announcement marks a momentous achievement for the industry. Cod stocks in the North Sea peaked at 270,000 tonnes in the 1970s, when North Sea cod was widely sold and enjoyed. However, stocks fell to just 44,000 tonnes in 2006. Since then the industry has worked with the Scottish Government and EU Fisheries Council to agree and implement a ‘Cod Recovery Plan’ that would nurse the stock back to health.
The plan linked the number of days fishing that boats were given to the conservation measures they signed up to. The plan aimed to reduce cod catches by 25 per cent in 2009, followed by subsequent annual reductions of 10 per cent. In response, the Scottish industry closed large spawning areas to fishing and introduced a system of real time closures to protect aggregations while trialling new nets and developing a system of remote electronic monitoring using CCTV cameras on board boats.

Mike Park, Chairman of the Scottish Fisheries Sustainable Accreditation Group (SFSAG), comments: “This is a massive development for the catching sector and is a testament to the power of collective action.  The years of commitment to rebuilding North Sea cod has shown that fishermen are responsible and can be trusted to deliver stable and sustainable stocks. The certified restaurant or chip shop can now offer their customers locally-caught cod with a clear conscience.”

MSC Fish suppliers and chippies alike, are excited about the sustainability success story of this popular local species;

William Crooks, at Dennis Crooks Fish Merchants commented“I think it’s a phenomenal accomplishment for North Sea Cod to have achieved MSC certification, especially when you consider just 10 years ago it had been fished to within an inch of its life. Hopefully this will spark fresh interest from MSC certified fish and chip shops who have been using frozen Icelandic and Norwegian cod – the only species available to them with the certified sustainable MSC status. 
We need to get the message out there to the general public that fresh British cod is now available as MSC certified sustainable – to correct any previously confusing media messages.” 

Craig Maw, NFFF Director and owner of major award-winning Kingfisher Fish & Chips was delighted at the news and what it might mean for the industry;“What a fantastic achievement for North Sea cod stocks being awarded MSC certification. The turnaround is nothing short of miraculous! It is a testament to the joint efforts of UK fishermen, industry bodies and many others involved who have worked very hard to ensure these stocks return back to sustainable levels.
Who would have thought that MSC certified sustainable North Sea cod would be on our menus at this time. Now shoppers and diners can eat with confidence enjoying sustainable cod from local UK waters, and where the MSC’s blue tick logo is displayed…This fantastic news could result in more shops joining the MSC programme – and why not, this is certainly something to celebrate!”

Andrew Crook, National Federation of Fish Friers Vice President saidThis is excellent news for the fish and chip industry. For years the entire supply chain, from the fishermen to our members, have worked hard to ensure fish stocks are protected and allowed to recover. We have known for many years that our efforts were achieving great results and this news today proves without a shadow of a doubt that you can eat fish and chips with a clear conscience.

Adrian Fusco, The Whitby Fish and Chips Company said; “We have been monitoring the arrival of the first MSC certified North Sea cod extremely closely over the last few months. It’s exciting news for us because we are so passionate about the sustainability of our dishes. We get many requests for MSC certified North Sea cod and are looking forward to providing our customers with it.”

Laky Zervudachi, Director of sustainability at Direct Seafoods; “As trade sector seafood suppliers we are fully committed to supporting the MSC. It is therefore fantastic news to be able to sell UK caught cod to our demanding customers and dispel any confusion around whether restaurants’ should be serving one of our most iconic species. It is also a great tribute to everyone in the industry, from the fishermen themselves through to the NGO’s that prove that a fishery that was under such significant pressure previously, can be nursed back to health with commitment, passion and great scientific advice.”

Toby Middleton, MSC Programme Director, North East Atlantic explains: “This is a huge accomplishment and the perfect example of what the MSC aims to achieve. Thanks to a collaborative, cross-industry effort, one of our most iconic fish has been brought back from the brink. Modified fishing gear, catch controls, well-managed fishing practices – all these steps have come together to revive a species that was in severe decline. By only choosing MSC certified sustainable North Sea cod, we can all help to protect this much-loved fish and ensure it’s never at risk again.”

George Clark, Commercial Manager at MSC commented; “This is excellent and very welcome news which I’m sure will help develop a huge amount of interest both from customers and throughout the restaurant and take away trade, being proud to be able to supply and enjoy once again this highly popular and now certified sustainable, North Sea cod.”
Choosing MSC certified seafood from fisheries, fish suppliers and restaurants or shops guarantees sustainable fishing methods, traceable fish, and helps protect the life in our oceans for generations to come.

Interested in buying a Fish & Chip Shop? Click here to get in touch and see how we can help you realise your dream.

See our Fish & Chip Shops For Sale!

 

bb7dac02-e2e8-4d10-9fc4-aa13fe0edc24

good-1122969_1920

Why Buying a Business Might be the Best Choice

By Gareth Smyth, Group Managing Director of Hilton Smythe.

Many people dream of being their own boss. They imagine themselves having that genius idea that is going to make them a millionaire, or just packing in the daily grind to do something they love every day. However, some people believe that the only way to do this is to start from scratch, when in reality, buying an existing business might be the ideal solution for you.

When you take the leap to become your own boss, the first thing you’ll need is the capital. According to my own internet research, the average cost of a start-up is £93,800, making it difficult for many people to even begin. Granted, that sum is accumulated over a period of time and is not ‘day one’ capital required. Nevertheless, you are still going to need a significant sum for a good number of business sectors. If you don’t have the money in the bank to self-fund, your first thought might be to approach your bank to ask for a loan. Most start-up companies tend to be self-funded, as banks see it as a risk lending to projects with no proven success.

Another option may be a small business grant, but due to their limited availability, there are a number of hoops you are required to jump through during the application process, and you aren’t guaranteed success. You could also appeal to angel investors; however, they are unlikely to get on board if you don’t have an idea that is completely revolutionary and sound. They want to be assured your business will be around long enough for them to see a return.

The fact is, more than 58% of start-ups fail within the first five years according to the Office of National Statistics. This could be, for example, because their money runs out, they’ve failed to build a reputation or they can’t get the customers through the door. Again, money is a huge issue when maintaining a start-up company over the first few years, as it can take on average three years to start to see a return. This can be frustrating for the business owner, and also may not be viable for them in terms of their home life. After all, you still need somewhere to live and food on your table.of National Statistics. This could be, for example, because their money runs out, they’ve failed to build a reputation or they can’t get the customers through the door. Again, money is a huge issue when maintaining a start-up company over the first few years, as it can take on average three years to start to see a return. This can be frustrating for the business owner, and also may not be viable for them in terms of their home life. After all, you still need somewhere to live and food on your table.

Buying a business can be a great alternative for someone with an entrepreneurial itch to scratch. It gives you the opportunity to be your own boss without many of the risks that come with a start-up business. The prospect of failure in the early days is significantly reduced because you’re missing out those shaky first years. You will be taking on a business with an existing customer base and reputation, which means you benefit from instant cash flow coming in.

Taking on an existing company is also a great opportunity for someone who wants to test the water with business ownership. You have all the freedom of owner management while inheriting the existing policies, procedures, and systems. Getting these in place is time-consuming and costly, and can be off-putting to the new entrepreneur. Learning from tried and tested operations can be a great way of finding your feet while still having the autonomy you crave.

Many people considering buying a business have concerns that may put them off. Some are worried that the seller will take the customers with them, meaning the new owner has to find a new set. Many small businesses, for example cafés, pubs and mechanics, have a certain geographic appeal. That is, the local people will go to their nearest pub, not walk miles to follow their previous landlord. Many sellers are also preparing for retirement, so they’ll have no need for any customers, new or existing. As a last resort, your solicitor can ensure that protection is provided in the official legal documentation.example cafés, pubs and mechanics, have a certain geographic appeal. That is, the local people will go to their nearest pub, not walk miles to follow their previous landlord. Many sellers are also preparing for retirement, so they’ll have no need for any customers, new or existing. As a last resort, your solicitor can ensure that protection is provided in the official legal documentation.

Getting the money to buy is also a concern I come across, however, lenders often look more favourably on businesses with a proven track record. You can also look at what schemes are available in your local area, such as local authority grants and funding to help with renovations and even just money for taking on the business in the first place in some instances, particularly in areas requiring regeneration. It is also worth bearing in mind that purchasing an existing business is considerably less expensive than starting from scratch having regard to all the costs and risk elements. There are over 7,000 businesses advertised for sale for under the £93,800 average start-up cost. This can not only make it more cost effective in the long run, but also more manageable to launch

Buying a business is not without its problems, though. If you have no experience in the business area, you may find that you struggle to cope with the day-to-day managerial tasks. For example, can you run the accounts on your own? Do you know when the stock needs to be re-ordered? It may be helpful for you to spend some time with the previous owner before you take over, to learn from their experience and expertise; ask for an extended handover, for instance. This will also help make the transition easier for your customers, your staff and of course you. It will also increase the likelihood of the customers and staff staying with you.

There are also a number of pitfalls that you can face when you buy, for example being over-charged, or the seller not being completely honest with you about how profitable the business is, which can lead to disaster once you take over. This is where buying through a business broker can be particularly helpful, as they are able to offer impartial advice and guidance to make sure you don’t get any nasty surprises.

Taking your first step towards owning your own business can be nerve-wracking, but ultimately rewarding. Make sure you take the path that will be best for you long term and good luck with whatever route you take.

Click here to find out more about buying a business with Hilton Smythe