About this Practice
Location: Cheshire
- Headline Points:
- Projected Fee Income for the Year Ended 31st October 2023 c £500,000 with projected Net Profit in the order of c £171,500.
- Current Work Types in the practice – circa figures:
- 50% Residential Property
- 50% Wills, Trust, Probate & LPA’s
- The practice operates from one site.
- The practice is CQS accredited.
- The practice enjoys LMS and Lender Exchange membership as well as individual panel memberships with other lenders.
Herewith Terms for the Sale/Merger etc of Law Practice:
- Goodwill, Work-In-Progress, Debtors (which includes Prepayment), Furniture, Fixtures, Fittings, Equipment and Library – Offer invited.
- Office is fully furnished and chattels are transferrable to the acquiring practice.
- The acquirer/merging entity of this business to be the Successor practice.
- Premises: Office premises lease to be assigned to the Successor practice.
- The acquirer of this practice will be required to take-over the 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 payments made for the running of the practice. The acquirer also agrees that the proportion of the renewal for PI premium paid (which will be paid for 12 months in advance) attributable to the post acquisition period will be reimbursed to the vendors.
- Consultancy for the equity partners:
- Partner, Ref: A seeks consultancy, working on a full time basis. Remuneration and duration: terms to be negotiated.
- Partner, Ref: B offers short term consultancy, working on a part time basis. Remuneration and duration: terms to be negotiated.
- 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.
- Money held in Office Bank Account does not transfer to the acquirer. Clients’ Accounts, both Current and Deposit will be reconciled and transferred to the acquirer. The vendors will discharge all payments to Creditors to include VAT (other than VAT due to HMRC on debtors) as at date of transfer of the business. Ongoing payments commencing the first day after date of transfer of the business will be discharged by the acquirer of the business. The practice carries out Cash Accounting for VAT purposes.
