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Description

Fox Marine Services is extremely well known and respected in the Jersey boat owning community. This is a reluctant retirement sale of a company with an enviable reputation and a strong trading history.

LAKEY & CO BUSINESS BROKERS (OFFSHORE) LTD.


FOX MARINE SERVICES LIMITED

1. The business is a marine engineering company, based in Jersey.

2. Its principal activities are the sale of marine engines and the servicing, maintenance and cleaning of all commercial and leisure boats.

3. Mr. John Fox, who is the sole shareholder and managing director, started the company in 1974. He has built up an excellent reputation and a good trading history.

4. The company has a wide customer base, including individuals, businesses and the States of Jersey.

5. The company has exclusive agencies with Honda, Yamaha and CAT.

6. A new owner could grow the company by selling commercial and leisure boats.

7. Mr. Fox is 62 and wishes to retire. He is prepared to stay on as an employee for a set period after selling the business and would be available on a freelance basis.

8. The company leases a property from the States of Jersey, at Folie Quay. The building is 1,500 square feet and consists of an office, workshop, stores and retail space. There are nine years left on the lease and the rental is £2,427 per quarter.

9. The company employs five staff, including Mr and Mrs Fox. The three other employees are marine engineers.

10. The company had a turnover in the financial year ended 31 January 2005 of £252,000, a gross profit of £78,000 and a net profit of £20,000. The year ended 31 January 2006 saw some growth and the financial statements should be available soon.

11. There is significant potential to grow the business under new ownership. It is an excellent opportunity to gain a foothold in the Jersey market and undertake some consolidation of the industry.

12. Mr Fox is selling his shares in the company. The asking price is £55,000 for the goodwill and fixed assets, plus the net current assets at cost, at the date of the transaction. At 31 January 2005, the fixed assets of the company were £13,000 and the net current assets were £50,555.

13. Please contact Tony Hemans of Lakey & Co Business Brokers (Offshore) Ltd on 01481 258885 to arrange a viewing.

DISCLAIMER

Lakey & Co draw the attention of prospective purchasers and those acting on behalf of prospective purchasers to the following:

1. These Particulars do not constitute any part of an offer or a contract.

2. All statements contained in these Particulars are made without responsibility on the part of Lakey & Co or the Seller.

3. None of the statements contained in these Particulars is to be relied on as a statement or representation of fact.

4. Any intending Purchasers must satisfy themselves, by inspection, or otherwise, as to the correctness of each of the statements contained in these Particulars.

5. Seller does not make or give, and neither Lakey & Co, nor any person in our employment, has any authority to make, or give any representation or warranty whatever, in relation to this transaction.

6. We have asked the Seller to provide copies of all documentation (including leases, lease hire and similar rental documentation, guarantees and leases) to the Seller's advocates where they are available. This information will be supplied to you by the Seller's advocates on request. In the meantime, we have relied on information provided by the Seller, and are not responsible for the accuracy of that information. Where information contained in these Particulars is fundamental to the transaction, you should notify us accordingly, and we shall endeavor to obtain documentary confirmation before you proceed further and in any event incur expenditure.

7. While these Particulars are provided in good faith, we are not surveyors or accountants, and we have not tested any fixtures, fittings, equipment, services or other facilities, and cannot say if they are in working order or suitable. You should rely on your own inspection and that of your surveyor. Similarly, you should rely on you own investigation of the accounts, and that of your accountant.

8. Property dimensions are given for guidance only, and you must satisfy yourself as to the accuracy of the measurements.

9. The ownership or use of fixtures, fittings and equipment may be subject to permission from or payment to other parties (e.g. landlords, hire companies, etc.)