Fully describe the business's activities?
The business has been operating as a clothing hire, sales and alterations company since 1992, offering ladies, menâs and children's formal wear for Weddings, Matric Farewells, Corporate/Business Functions, Balls and Parties.It's in the detail, whether you're the main act or the best dressed guest. At this business they have got you covered. Define your moments at that special function, meeting or formal event. Choose from hundreds of outfit combinations and look your finest. â At this beautiful shop the skilled staff will assist you through different choices, offering tailoring and dressmaking as well as expert alterations. We offer a private environment and professional advice.
How long has the business been established?
The business was established in 1992.
How long has the owner had the business?
Since November 2016.
How does the business operate on a daily basis?
Daily interaction with clients selling, hiring, altering and manufacturing of formal clothing.
How are the clients attracted to the business?
Word of mouth and good name in the industry.
What Advertising/Marketing is carried out?
Website ,Facebook, Google adds and Instagram.
Does the business have any contract work?
The business does not have contract work but do assist companies with formal functions to clothe the staff for formal corporate functions.
What competition exists?
No competitor in close to the business.
What are the seasonal trends?
From August to November during the matric farewells the business is very busy.
Is the business VAT Registered?
The business is not VAT registered.
What VAT documentation is on file?
Are there up-to-date Management Accounts available?
We have up to date management accounts available up to June 2018.
What Balance Sheet and Income Statements are available?
There are no balance sheet and income statements available as this business was bought in a cc where there is another business.
What percentage of the business is cash/credit?
90% swipe and credit/debit cards machine and 10% cash.
What is the age analysis of the debtors book?
How could the profitability of the business be improved?
An active owner and more marketing will improve turnover and profitabillity.
Is Seller finance available and for what amount?
No seller finance is agreed with the seller but he will look at all reasonable offers.
What is the total staff complement?
The total staff compliment is three.
Give a breakdown of staff/ functions/ length of service?
Two staff members have been with the business for 26 and 10 years respectively. The business employed a seamstress in May 2017, she was previously employed by the same shop, who does alterations, new garments and also helps out with customers when required.
Do any receive special perks or incentives?
The staff received a bonus in December on the owners discretion.
Are they on contract?
The staff are on normal employment contracts.
Do any have management potential?
The staff are able to run the business in the absence of the owners.
How involved is the Owner in running the business?
The owner spends up to 6 hours per day and every Saturday at the business as Saturdays are the busiest day. The staff also work on the basis of one Saturday on and one off.
When does the current lease end?
The current lease expires in November 2018.
Is there an option of renewal & what period?
The landlord is open to negotiations for a lease and the terms thereof.
What is the annual escalation %?
To be negotiated with the landlord.
What are the trading hours?
Mondays to Fridays 8.00am to 4.30pm and Saturdays 8.30am to 13.00.
What is the square meters of the business?
Who is the Owner/Landlord?
The information of the landlord will be made available to serious buyers.
Is a copy of the lease available?
A copy of the lease will be made available during due diligence.
Do you require a licence?
Yes, a SAIPA radio license
What lease deposit and/or other surety is required?
The lease deposit is to be negotiated with the landlord.
What are the main assets of the business?
Clothing , shopfitting and sewing machine.
Are any items not included in the sale?
All assets as seen on the asset list are included in the sale.
What is their overall condition?
The assets and stock are in good condition.
Do any require repairing?
The seamstress is doing the tailoring on garments if need be and all garments get send for dry cleaning.
How have they been valued ?
The seller valued the stock at cost value.
What are their settlement amounts?
Will Seller settle or Buyer to take over?
Are copies of agreements available?
Are they presently insured?
The business and its assets are comprehensively insured.
Well known business being in operation for 26 years.
Seasonal during matric farewells.
Concentrate and advertise more for weddings. Advertise with companies for formal events to supply, hire/sell formal suits and dresses.
No real threats are identified.
What is the reason for the sale?
The owners have another business which takes up their time and other time constraints preventing them from running the shop effectively.
Why is this a good business?
The business is well established for 26 years and has a good name in the industry.
What is the price plus stock and the net profit?
The price of the business is R380,000 which includes stock and assets to the value of R1,9 m
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