About this Practice
Location: 875 West Midlands
Headline Points:
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Turnover obtained from Internally prepared Management Accounts for the Year Ended 30th November 2024: Sales, £933,751. Work-In-Progress is in the order of £1,137,000.
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Period 1st June 2022 to 30th November 2023 (18-months due to change of financial year end): £1,725,560.
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Year Ended 31st May 2022: £1,390,073.
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Year Ended 31st May 2021: £1,276,368.
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As at 24th January 2025, the company has debts/liabilities of c £250,000.
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Current Work Types – obtained from professional indemnity insurance proposal form 2023/2025:
1 |
Personal Injury and Clinical Negligence – Claimant |
52% |
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2 |
Commercial Litigation |
29% |
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3 |
Matrimonial / Family |
11% |
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4 |
Debt Collection |
5% |
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5 |
Landlord & Tenant – Litigious |
3% |
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100% |
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- The company has obtained Professional Indemnity Insurance for the Indemnity Year 2023/2025 (18-months):
| Period of Insurance | 1st October 2023 to 31st March 2025. Both dates inclusive |
| Limit of Indemnity | £3,000,000.00 any one claim |
| Excess | £15,000 each and every claim limited to £67,000 in the annual aggregate |
| Premium | £52,000.00 |
| Insurance Premium Tax (IPT) | £ 6,300.00 |
| Total premium including IPT | £58,800.00 |
Headcount [12]
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Goodwill, Work-In-Progress, Debtors, Furniture, Fixtures, Fittings, Equipment and Library – Offer invited.
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Offices are fully furnished and chattels are transferrable to the acquiring practice.
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The acquirer/merging entity of this business to be the Successor practice.
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Office Premises: Lease to be assigned.
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The acquirer of this practice will be required to take-over the overdraft, loans, unexpired part of all on-going agreements relating to future payments for software licenses, equipment, furniture, fixtures, fittings, storage rental, PI insurance, library and any other payments made for the running of the practice.
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Consultancy available if required for the two out-going directors: Working status / arrangements and remuneration to be negotiated.
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Employed members of staff: To transfer to the Successor firm in accordance with TUPE Regulations, i.e.: on the same terms and conditions they presently enjoy.
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Clients’ Accounts, both Current and Deposit will be reconciled and transferred to the acquirer. Ongoing payments commencing the first day after date of transfer of the business will be discharged by the acquirer of the business.
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