Recent content by jonnydepp

  1. J

    Purchase of business and legal fees

    Thanks, its good to know what other people do and what experiences they have with agents. My solicitor and some others have not commented positively on the agents (EMF), just wondered if anyone else has had bad experience?
  2. J

    Purchase of business and legal fees

    Thanks, the business is 95k including 3k stock. If they were to give me assurances that if anything else undisclosed at this stage came to light I could get my deposit back then fair enough. Otherwise, I don't even know what I'm buying. Also, if the Landlord's fees were given and were...
  3. J

    Purchase of business and legal fees

    Guys, I want to buy a cafe business and I've agreed the price with the vendor already. The figures are good, accountant has had a look and agrees there is scope for improvement. The bank is happy to lend the money, I've got a solicitor. There is no reason to not move forward. The only sticky...
  4. J

    Buying an existing cafe

    Thanks guys, keep the comments coming. I take everything on board that you say. I spoke to the council today on some other issues and they really do seem helpful. Toilet question I asked - they stay as they are as the business would have been closed down a long time ago if they didn't comply...
  5. J

    Buying an existing cafe

    Leaflet design, improvements to the website, use of social media. It has a web presence, but can be improved massively. The current owner hardly uses any advertising and again, even today the place was busy prior to lunch time. Lunch time - always busy. Redesign of menu - the menu design is...
  6. J

    Buying an existing cafe

    The definition of adjusted net income is usually defined as: The amount of money the new owner “will make from the business—the true bottom line” and what the buyer of the business can expect to “clear” from the business once they own and operate it in their own way. Adjusted net income usually...
  7. J

    Buying an existing cafe

    With an IT background, I can increase custom through advertising, open on Sundays, have a team to open in the evenings, keep a close eye on staff who do "slow down" a little when they're on their own, cleanliness would be top of the list..etc. My background is Mediterranean,so additions to the...
  8. J

    Buying an existing cafe

    The LL is happy to renew the lease at 15k pa which is VERY competitive in comparison with leases around, for less space. These premises are over 3 floors and he has indicated he would do either5 or 10 years, whichever suits the new owner. Net profit is around 22, gross 180k. When recalculated...
  9. J

    Buying an existing cafe

    Cheers, just what I planning on doing tomorrow. Got all the departments contact details and will go over it with them.
  10. J

    Buying an existing cafe

    Hmmm.. Richard, its very unfair to say I'm "not even a successful IT contractor" because I have irregular work. I'm in that situation because I'm sick of IT and want a change - simple. I take on the odd short contract because I'm being pestered by agencies who know what I'm capable of. I did and...
  11. J

    Buying an existing cafe

    :( I didn't ask about the last VAT or hygiene or any other inspection to be honest. And yes, the offer has been put forward and I'm waiting for a reply. Just not sure if I've put in the right offer. 82k against a 99k asking price.
  12. J

    Buying an existing cafe

    I thought TUPE might come somewhere into it and I'll most likely keep everything as is because its a "if it ain't broken, don't fix it" situation. But bad behaviour and not treating the customer with 100% respect won't be tolerated, specially when it comes to a manageress! So I would try to...
  13. J

    Buying an existing cafe

    Thanks, this is much appreciated. I have checked the accounts and to my understanding the accounts are correct, the agent is not saying anything different from what is stated in the accounts except that the Adjusted net profit (the money I ultimately pocket in the end) is around 90k. The...
  14. J

    Buying an existing cafe

    I forgot to mention, the place has an alcohol licence to 3am and has room to open a small restaurant in the evenings. Open from Mon-Sat, sunday closed. I would open sundays too.
  15. J

    Buying an existing cafe

    Hi all I'm a newbie in many ways here, as a user and potential cafe owner. This is the situation. I'm an IT contractor, with irregular work, 2 mortgage free houses (120k i live in and 70k empty, can be rented quickly for £450pm). On top of that some 20k of credit card debt.. I found a cafe, I...
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