Nautic Engineering sold within 16 weeks
Kings Corporate facilitated the retirement ambitions of Nautic Engineering’s owner just four months after receiving the first instruction to sell, securing the full consideration as a single day one payment.
Kings spent the first 12 weeks preparing and delivering a bespoke marketing strategy to source the right buyer. The following four weeks allowed for a legal and due diligence process to ensure a risk-free exit strategy.
The Manchester-based precision engineering company successfully operated in the locality for over 20 years. The business attained a first-class reputation for providing custom-built steel fabrications of valves to a wide-ranging and loyal client base.
Nautic Engineering’s substantial industrial premises contains upgraded and high-value machinery that allows for the manufacture of general sheet metalwork for the canning and packaging industry. The skilled workforce also specialises in stainless steel and mild steel welding.
The successful buyer, an experienced MBI candidate, was motivated to purchase due to the specific sector and ideal North West location. They intend to continue operations under the Nautic Engineering Ltd brand.
Mr Patel, the vendor, said, “Four years ago, I was on the market with another business broker and failed to sell. Earlier this year, I decided to retire and chose Kings Corporate for their excellent standing in the industry.
“When I put my business on the market, if it didn’t sell, I was going to wind the company up. I hoped Kings could enable a relatively quick sale. The fact they sold it in four months was incredible and above expectations.
“Kings managed to drive a 10% increase on the deal value through counter-negotiation, which helped pay legal and accounting costs and the difference in excess I donated to charity.”
Mr Patel added, “For anyone thinking about selling their business, I would say to choose Kings Corporate.”
The swift and smooth completion of this sale underlines the strength of the current market.
Ryan Bilsborough, corporate finance executive, said: “I am delighted to have completed this deal within 16 weeks of our client instructing Kings Corporate to sell the shares of his business. We witnessed significant interest levels in this opportunity and ultimately used this to our client’s advantage by negotiating and executing a risk-free exit strategy – we successfully secured the full consideration as a single day one payment. I would like to wish my client a well-deserved retirement and the buyer every success in their new venture.”