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Businesses for sale in Isle Of Wight website is designed to give you a detailed list of businesses for sale in Isle Of Wight and also useful information on business information within the county. Should you be considering setting up your own business in the Isle Of Wight or investing in businesses for sale in Isle Of Wight then our website will provide you with valuable contacts to get you started.
The Isle Of Wight
The Isle of Wight is a county and the largest and second most populous island in England. It is located in the English Channel, about 4 mi (6 km) off the coast of Hampshire and is separated from mainland Great Britain by the Solent. The island has several resorts which have been holiday destinations since Victorian times.
Economy & demographics of Businesses in Isle Of Wight
The largest industry on the Isle of Wight is tourism, but the island has a strong agricultural heritage, including sheep and dairy farming and the growing of arable crops. Traditional agricultural commodities are more difficult to market off the island because of transport costs, but island farmers have managed successfully to exploit some specialist markets. The high price of these products overcomes the transport costs. One of the most successful agricultural sectors at present is the growing of crops under cover, particularly salad crops, including tomatoes and cucumbers.
There are three breweries on the island. Goddards Brewery in Ryde opened in 1993. David Yates, who was head brewer of the Island Brewery, started brewing as Yates Brewery at the Inn at St Lawrence in 2000. The Island Brewery, located in Shalfleet, was formed in 2010 by Tom Minshull to complement the existing family run drinks wholesale business.
Ventnor Brewery, which closed in 2009, was the last incarnation of Burt’s Brewery, which had been brewing on the island since the 1840s in Ventnor. Until the 1960s most pubs were owned by Mews Brewery sited in Newport near the old railway station, but it closed and the pubs taken over by Strong’s and then by Whitbread. By some accounts Mews beer was apt to be rather cloudy and dark. They pioneered the use of cans in the 19th century for export to British India. The old brewery was derelict for many years but was then severely damaged in a spectacular fire.
Buying a business in Isle Of Wight – Businesses For Sale in Isle Of Wight tips
Locating the right businesses for sale in Isle Of Wight
There are many websites, business transfer agents and printed media, advertising businesses for sale in Isle Of Wight. Some specialise only in specific industry sectors. Many websites offer good advice for the potential buyer, all the information you need is out there and designed to help you complete the buying process with the minimum of fuss. Now is a great time to think about locating Isle Of Wight based business professionals that can help you, these include, a lawyer to check through heads of agreement and give you advice throughout the transfer and an Accountant to check out the businesses figures. Businesses For Sale in Isle Of Wight will contact useful contacts to help you find these professionals.
You have found businesses for sale in Isle Of Wight that seem ideal, how do you know the business is correctly valued? As a rule of thumb, some businesses are valued at 2-5 times net profit, however this can vary greatly. As with anything that is for sale it is worth what the buyer is prepared to pay and will find its own value in the market.
Most businesses for sale in Isle Of Wight are negotiable particularly if they are motivated to sell for a reason such at retirement, bereavement or moving away etc. Always find out why the vendors are seeking to sell businesses for sale in Isle Of Wight.
You need to check the net profit, any liabilities or assets the business may have. If you detect a drop in profit ask why, there may be a genuine reason for this. Think about the area and the type of business, would you use it? Is it a good fit for the location. Will it require you to buy stock, how will this be valued and are there existing staff that you would be expected to employ? This process of evaluating businesses for sale in Isle Of Wight is called due diligence and is your chance to check everything out prior to completing the purchase.
You would be advised to employ an experienced Isle Of Wight based business accountant to check the figures, being experienced handling businesses for sale they may find something that escapes your notice. Obviously, business lawyers and accountants cost a fair amount however, when you think of their fees compared to the purchase cost of the business for sale it is negligible and could save you a real headache in the future! If after evaluation of the business for sale the deal does not stack up be prepared to walk away.