Taylor Rose TTKW advise on sale of family motorcycle business, Balderston Motorcycles
STEPHANIE CREASEY >
Associate SolicitorWed 9 October 2019
Taylor Rose TTKW has advised on the successful sale of a family motorcycle dealership, Balderston Motorcycles to Sycamore Motorcycles Limited.
The sale not only involved negotiating a suitable sale agreement but also incorporated the transfer of the existing franchise arrangements held by the owners with both BMW and Royal Enfield.
Based in Peterborough, the dealership has been owned and operated by the family for 80 years providing a range of servicing and sales services for motorcycle owners in the area.
Initially set up by Harry Balderston, the business was taken over by his daughter, Jenny, and son-in-law Robin Homewood in 1976. Since then, the business has gone through a number of relocations and become a flagship motorcycle outlet in Peterborough for both the BMW and Royal Enfield motorcycle brands.
Stephanie said: “It has been a pleasure working with Robin and Jenny to help them negotiate a deal which they were happy with and guide them through the complex process of selling a business as smoothly as possible. At times the negotiations were tough, but we were delighted to complete the sale knowing our client had achieved their exit on the best possible terms. It is always great to see a successful outcome for all involved and I wish the family the best of luck in whatever they choose to do next.”
Reflecting on the sale, Robin Homewood, said: "Over our lives, with Balderston Motorcycles, we have had several property transactions which have been handled by Nick Scutt, whose affable charm and diligence have made such business easy. This final business transaction fell into two parts, the business premises and the sale of the business assets including stock and goodwill, together with the transfer of our employees to the new owners. Nick handled the aspects relating to the premises and Stephanie, the corporate aspects, with all its complications. They had to deal with 2 self-employed (and some might say, self-opinionated) people selling a business that had been in the family for 80 years and in their control for 43 years.
It was not an easy sale, it took nearly 6 months from start to finish, but it was handled with great tenacity and empathy towards the sellers by both Nick and Stephanie. Upon completion of the sale, myself and my wife look back with admiration and thanks at the satisfactory outcome. It was important to us that our staff would transfer smoothly and comfortably to Sycamore Motorcycles so that the new business would carry on where we left off. We are both happy with the result.”
Additional transaction support for the seller was provided by Geoff Norman of Moore Stephens on tax and accounting aspects.
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