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Acquisition Opportunity

Hilco Streambank is seeking offers to acquire the business and assets of “Project January” a leading UK high-street weight-loss clinic.

BID DEADLINE

Wednesday 9 December 2020 @ Noon GMT

On behalf of Opus Restructuring & Insolvency, Hilco Streambank has been appointed to actively seek interested parties in relation to the business and assets of “Project January” (or the “Group”), a leading UK high-street weight-loss clinic.

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The Group is a successful weight-loss and wellness advisory business that provides its services online and at circa 30 sites across the UK. Customers subscribe to the Group’s weight-loss programmes or therapies to gain access to treatments tailored to the customer’s lifestyle through a series of one-on-one consultations with the Group’s staff of doctors, therapists, and psychologists. Pricing of the Group’s subscription programmes ranges from around £100 to £400 per month.

The Group currently provides weight-loss services to around 3,000 subscription patients. The Group leverages its relationships with number of partner organisations, through which it has secured exclusive deals for certain weight-loss therapies. The Group has also recently adapted its offering to a remote service model in light of the COVID-19 pandemic. Management advise that this remote adaptation has proved highly successful.

The Group is Care Quality Commission (CQC) registered and employs approximately 60 staff, including those medically qualified. The Group utilises a sophisticated third-party regulatory management system for documenting its standard operating procedures and processes, and centrally provides this system to its clinics across the UK. The intellectual property of the Group has historically been franchised, and franchise income is still being generated. Assets available include the Group’s brand, leases to c. 30 prominent retail locations, and physical assets with a book value of c. £3m.

In financial year ending April 2019, the Group generated revenues of c. £4.5m, a gross profit margin of over 80%, but made an overall loss. In the financial year ending April 2018, the Group generated revenues of c. £4m, a gross profit margin of over 80%, and made profits in the hundreds of thousands.

The opportunity presents a significant opportunity for a turnaround professional or trade party to restructure, preserve and grow the value in business and asset base.

Available Assets

Intellectual Property

Corporate and Product Brands; Regulatory Documentation; Organisational Knowledge.

Plant & Machinery

Assorted equipment with a book value of c. £3m. A Fixed Asset Register is available under NDA.

Property

The Group holds rights to leases across c. 30 UK sites in high footfall retail locations.

Legal

The Group holds legal rights in partnerships, including historic franchise partnerships and exclusive partnerships relating to the supply of its products.

Data

Approximately 3k customers currently pay for access to the Group’s services. The Group holds a large customer database that has opted-in to receiving marketing material.

Sale Process

All expressions of interest and bids are to be directed to Hilco Streambank in writing. A Bid Submission Form is available on request. Please contact Hilco Streambank to gain access to a virtual data room of further information on signing of a confidentiality agreement.

Key Terms & Conditions

The bidder acknowledges that Hilco acts as an agent for Opus Restructuring & Advisory Limited, who offer for sale only what right, title and interest (if any) the Group possesses in the assets. Such sale will be without any warranties, expressed or implied. Neither Hilco nor the Opus Restructuring & Advisory Limited has verified the information provided, and bidders are deemed to have carried out their own due diligence.

A buyer’s premium of 20% will be payable by the buyer. VAT, if applicable, at 20% will be added to the price. A non-refundable deposit of 20% will be payable by the buyer within 48 hours of bid acceptance. Legal completion to occur within 24 hours following bid acceptance. Hilco Streambank's full Terms and Conditions apply. 

Contact Us

For further information about the sales process please contact the following Hilco Streambank representatives:

Interested Parties

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