Over the four years since they took ownership of HiQ garage Lancaster, Steve and Margaret Marshall have worked hard to build and maintain its reputation for high quality. When they looked to expand the business with a second garage, they naturally wanted an accountant who shared their passion for doing things right.
Steve Marshall was employed as a mechanic at HiQ Lancaster for several years until he was given the opportunity to purchase the garage four years ago. He and his wife Margaret decided the time was right to make the bold move to self-employment, and Margaret left her career in nursing to support Steve in making the business a success.
Four years on, the garage had cemented its reputation for providing a convenient, friendly and high quality service to its customers. Son Joe was now successfully managing the business, and Steve and Margaret were ready for the next stage of the adventure.
Driving the business forward
When Lime Tree Garage in Halton came onto the market, Steve and Margaret decided it was an opportunity they could not pass up. The business had great potential and would be a good fit with the HiQ brand.
Buying the business was a big decision for the family that would involve a substantial financial commitment. They were conscious of the need to seek the very best professional advice, to ensure every ‘i’ was dotted and every ’t’ crossed.
Expertise in business acquisitions
The Marshall family turned to their trusted advisor Peter Armer of RfM Morecambe & Lancaster, and RfM South Lakes. Chartered Management Accountant Peter has many years’ experience of making commercial financial decisions. His expertise in business sales and acquisitions would prove invaluable to Steve and Margaret.
“Peter was involved in the purchase of Lime Tree Garage right from the beginning, giving us his views on negotiations and, in particular, the value of the business,” commented Margaret.
“The financial projections that Peter pulled together allowed us to make objective decisions about the potential of the business. Peter also prepared a narrative business plan that was key to us securing the necessary funding for the purchase. His advice on the structure of the deal was also excellent. I know that Peter’s attention to detail and knowledge of acquisitions and commercial negotiations have provided us with significant financial benefit.”
Open for business
The new HiQ Lime Tree Garage officially opened for business on 24th May 2017 and Peter was delighted to be invited to attend the launch.
“It’s my pleasure to have been able to support the Marshall family to grow their business,” said Peter.
“The acquisition of Lime Tree Garage was the perfect opportunity to further establish the HiQ brand in the area. The family all work very hard to live up to the ‘high quality’ of service you expect from their brand name and I am confident that they will make a great success of the new Halton branch.”