Mobile Eye Healthcare Specialists
City of London
- Asking Price: £149,995 +SAV
The 2020 accounts advise a turnover of £844,726 with a gross profit of circa 32%.
The assets being sold with the business are worth in the region of £30,000
The average stock value is in the region of £30,000
The business has just had further investment of £100,000.
- Tenure: Leasehold
Hilton Smythe welcomes to the market a company of eye care and health care specialists which was established by our clients in 2015.
Our client offers workplace eyesight tests for currently 90 clients who include NHS, Councils, Universities and FTSE companies on their client list. The business has grown year on year, with clients coming directly to the business by word of mouth advertising.
There is also massive room for growth as the current client base is only around 10% of each of NHS, Councils and Universities. 98% of these clients are retained, meaning the service is delivered annually producing further revenue. Due to the number of businesses our client services there are now over 40,000 customers on file, a huge list of further potential sales. Clinics are on site from 3 weeks to 9 months, depending on the customers’ requirements, with an average time of 3 months.
Our clients are passionate about mobile healthcare and its applications, particularly in corporate settings. Large company’s employees are legally entitled to a free eye test however, research shows that over 67% of corporate employees do not get regular eye examinations either due to time constraints or limited resources. This not only causes severe health & Safety and performance implications for the employers but also results in poor, uncorrected vision for employees causing long term damage and potential ophthalmic issues remaining undiagnosed.
Our client delivers a unique corporate eyecare service that delivers FREE workplace eye examinations on client sites in their bespoke eyecare clinics eliminating the need for time off work and empowering employers to offer an exceptional employee eye care service free of charge. Other applications include occupational health services, corporate physiotherapy and corporate audiology
There are no geographical limitations for the company, however, our client has only concentrated on the London area and has recently gained clients in Birmingham. Therefore, there are many franchise or partnership opportunities available to cover the remainder of the UK. The new owner of the business could also look at further expansion abroad where eyecare is covered by insurance, countries include USA, Australia and many oil producing countries who employ staff from other areas of the world.
Therefore, there is huge growth potential and limited threats as there is no other company carrying out this business model currently.
Our client already has streamlined business processes, finance options and merchant gateways in place, much of this aided by the in-house CRM system.
Our client also has established supplier relationships ensuring the cheapest production cost giving an average margin of 300% on product sales.
There are around 200 locum staff on bench and our client has a strong operational team in place
Our client is still looking to expand the business as they have gain recent investments in the business and have an ecommerce platform ready to launch in January 2020.
The directors of the business are prepared to stay on in order help the new buyers in the acquisition phase of around 3-6 months.
Hilton Smythe highly advise early viewing to avoid disappointment.
The business is run and managed by our client, with the help of 5 office staff, who are all self-employed.
There are approximately 200 locum staff currently on bench.
The business opening hours:
Office staff carry out office hours and the clinics are hours to suit.
The business is currently located in North London and is a fully portable business that could be based anywhere within the UK.
It is being sold with 3 bespoke mobile clinics, a fourth is currently being built. Plans are to have up to 10 clinics to satisfy demand.
Our client is based in North London within serviced offices in a large corporate building. They currently have an on-site Opticians for local clients within one of the offices and the headquarters is also based there having further office space.
We are advised the business is being sold as a leasehold business opportunity on a rolling lease.
The landlord has all the serviced suites on this basis and our client has been in situ since 2015.