This directly authorised business is based in Hampshire and is owned 50/50 by 2 directors (1 advising and 1 non-advising). The reason they are looking to sell is because 1 of the directors who is an advisor is relocating in c6-12 months permanently so wouldn’t be able to continue managing a team remotely. Therefore, this Director / Advisor is looking for someone to buy the business but be kept on and is open to what capacity this will look like. Either as just an advisor, a director or sales manager.
Turnover for year ending 31st March 2024 was £400k but they anticipate turnover for this year to be in excess of £500k. They are consistently writing £50k per month at the moment plus, the Director who alongside running the business and training / managing the team is generating c£100k p.a. Without the management duties, he is very confident he would be able to generate near £200k that they could bank which would further increase the turnover to c£600k.
In total, they have 5 Mortgage Advisors (including one of the Directors). 3 are self-employed and 1 is employed who they recruited 3 months ago. The 3 self-employed mortgage advisors were all previously employed with this company but following some uncertainty in the market with rates etc, they moved them to self-employed. The owners are confident they would likely be happy to go back to an employed contract if required. They have 1 part-time self employed Protection Advisor who has been with them for 18 months and banks c£7k a month and has never had a clawback. They also have 2 employed support staff. Both are full time with one being an Admin Manager and the other being an Administrator.