Cavendish Motor Workshop have many exciting expansion plans that we’re proud to be advising on.
In 2009, Geoff realized a lifelong ambition of running his own business. He made the step from employee to business owner when he bought the workshop division of Cavendish Motors. After 2 years service for Cavendish and over 18 years in total in the motor trade, Geoff felt the timing was perfect.
He has already overcome many hurdles and obstacles, having to move to bigger premises and keeping up to date with technological advances in the motor trade. Not to mention the lack of quality mechanics in the job market.
Cavendish are certainly not ones to rest on their laurels. This business has steadily grown since Geoff purchased the repairs division. Part of their runaway success has been founded on their top rated customer service and competitive pricing.
When the opportunity arose to buy out the parts division in 2015, we helped Geoff negotiate a fair price. We worked with him to make sure that cash flow would not be an issue following the addition. Geoff also took our advice on funding sources for the acquisition.
Having started out using the services of a non-chartered firm, Geoff took the advice of a business associate who recommended that he source a Chartered Accountant. Geoff felt that the extra scrutiny and professional standards that a Chartered firm have to adhere to go some way to guaranteeing a certain level of service.
During this time, Geoff worked closely with our owner, Karl Watts, who went on to create Sunny Accountants. Geoff jumped at the chance to follow Karl to his new business, becoming one of his first clients and sticking with him ever since.
“I knew and trusted Karl. I have a personal meeting with Karl every month. He is happy to deal with any queries as they arise. Karl is very hands on.”
Over the last few years, as well as advising on the 2015 acquisition, we have advised on:
- Choosing the right software package for the business
- Auto enrolment
- Capital gains tax
- Incorporating a sole tradership and making use of tax incentives such as Entrepreneurs relief and Incorporation relief
- The different ways to hold a business property
- Upcoming tax liabilities and mitigation strategies
As Geoff says “Business is good but there are always changes that can be made to improve efficiencies”. We will continue to advise on such issues as we see them. That’s made much easier because we regularly visit our clients – this is very important to us as a firm.
Geoff’s future ambitions include enhancing the range of parts stocked and offering a delivery service on all parts. An MOT bay, along with a body shop, are also on the agenda, as is the potential to move into their own premises.
The motor industry is one of our specialities. Overarching all that is that we enjoy working with businesses with ambition – companies where we can utilize our knowledge of taxation and business in general to help guide our clients on their journeys.
Visit Cavendish Motor Workshop here.