Entrepreneur Shane Grey and his wife bought the Waterfront Food and Espresso Bar in the West Midlands to compliment their existing catering company. The intention was for Mrs Grey to run the café alongside her photography business. However, as her portrait photography commitments increased, she was unable to continue managing the business and the Greys took the decision to sell.
The café was established in 2010 and generated a turnover of circa £110,000, and a gross profit of 81% as of 2015.
Shane Grey said: “We initially found the café online, and spoke to Hilton Smythe to arrange the purchase. We found that the process did not move as quickly as we’d hoped, and the property was a leasehold, and the landlords were dragging their feet. Andy and Matt, who we dealt with at Hilton Smythe went the extra mile to get the deal moving.”
Gareth Smyth, Group Managing Director at Hilton Smythe explains: “When you’re dealing with a leasehold property, you have three parties to co-ordinate with: the buyer, the seller and the landlord. A good business broker will not only manage the deal but also manage the expectations of all the parties.”
The Greys were so impressed with the experience working with Hilton Smythe, that once he and his wife decided that the time had come to sell the Waterfront, they wanted the sale to be handled by a business broker company they knew they could trust.
Shane Grey said: “We knew from our experience buying the café that things don’t always go to plan when you’re selling a business, but the team at Hilton Smythe managed our expectations. They kept us fully informed of how the sale was going, spoke to the landlord on our behalf and were great from start to finish.”
Gareth Smyth said: “Business brokers are essential when you’re trying to get the best from your sale. We know the common pitfalls that can happen along the way, and we know the right questions to ask to make sure the seller gets all the information they need.
“At Hilton Smythe, we are honest and upfront with our costs and valuations, so that the client always knows where they stand. We will negotiate prices and deal with third parties, such as landlords. We are also available to answer any questions or worries that the seller might have. We want to make the experience as seamless as possible.”
The Waterfront Food and Espresso Bar sold for £46,000 in March 2017.