Tradefair & Financials
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wee have a little betting shop and two bedroom flat upstairs,i work there he does not i get 1600 a month wages another worker gets 1300 a month in hand.shop and flat got valued at 180k.the shop makes enough to cover costs a year but could do better if it was mine if you know what i mean.he wants me to buy it at 225k so he thinks business is worth 45 k,i could work like a dog and get 1k a week but would need to do it myself what do you think the business is worth? take in about 1 million a year keep anything from 10 to 20 percent
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you were trying to sell this to us on here eairlier in year!!
I put 20k in bank this month come on boys give me a clue pls
I'm telling you now that no one would ever pay for the business itself. My friend was looking at buying a few shops off taylors racing (reading area) and the business itself never came into discussions - they just wanted to sell the flat and shop.
Those figures are similar to their shops. over the last 5 years each shop made pretty much 14% on revenues of £1 mill a year. but once you include all the costs, including pictures, levy and the wages of other staff, you will be left with approx £40k, and that is with you working all the hours under the sun.
working the same hours at a regular bookie you could probably pull in the same amount of cash, without any of the hassle. I guess you could hire a manager, but you would be left with pittance after that, and I wouldn't trust anyone to run a shop for me.
so imo, the business itself is essentially worthless. Perhaps just offer him £5k and tell him to piss off. you are in the driving seat here because there is no chance of him being able to sell his stake to anyone else.
Those figures are similar to their shops. over the last 5 years each shop made pretty much 14% on revenues of £1 mill a year. but once you include all the costs, including pictures, levy and the wages of other staff, you will be left with approx £40k, and that is with you working all the hours under the sun.
working the same hours at a regular bookie you could probably pull in the same amount of cash, without any of the hassle. I guess you could hire a manager, but you would be left with pittance after that, and I wouldn't trust anyone to run a shop for me.
so imo, the business itself is essentially worthless. Perhaps just offer him £5k and tell him to piss off. you are in the driving seat here because there is no chance of him being able to sell his stake to anyone else.
No bank will mortgage property now unless it residential. Take from that whatever you want. PS this only includes non-risky mortgages and also mortgages that that don't help the oppositions balance sheet. (what is a mortgage I hear you say)
wee have a mortgage for about 100k on the shop and flat.went to see bank manager he said he could switch it to my name no probs and still give me a 30k over draw.shop pays 1k a month to mortgage and flat pays 450 a month could make the shop payments smaller to give me a chance to get it going.thanks boys for help
he got a value on the shop and flat they said 240k.so i got my own boys to give me price they said 185k.that is just for the property so i should give him 190k dont think he will take it,i need him out of my life,but would of never got here without him.he told me tax man took 300k from him not been paying his bills that says what i am dealing with
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