advice needed asap please

[lynnc]

Hi all
could anyone tell me on what i would need to do to buy an existing buisiness i have seen a pub for sale and the property is rented on lease would i need a solictor and were do i begin in cyprus to get things moving any infomation would really be of help or any advice welcomed thank you in advance

[BabsM]

Originally Posted by lynnc

Hi all
could anyone tell me on what i would need to do to buy an existing buisiness i have seen a pub for sale and the property is rented on lease would i need a solictor and were do i begin in cyprus to get things moving any infomation would really be of help or any advice welcomed thank you in advance

Before you rush into anything I would advise you to have a good look around the area. How are businesses in that area, are there many that are shut down, for sale or looking abandoned? How many pubs are there in the area? What's the clientele? Go and sit in the pub for a day and count the customers. Cyprus is a tough place for doing business right at the moment. If the pub is up for sale then the chances are that it has few customers.

I am not saying don't do it... just do your homework first.

[Veronica]

I agree with everything that Babs says and also you definitely should use a solicitor if you do decide to buy it. Never do anything like this without a good solicitor to check things out. Bear in mind that unless you do things correctly any debts that are connected to the business at present could be passed to you and you could end up with big problems. It is a solicitors job to check that sort of thing for you as well as all otherl egal aspects.

Veronica

[weeksy9]

Hi there,

Thought id respond to this thread. if youre going to buy a business like this you need as in the U.K to get a legal and accounting due dilligence done. There are son many hidden factors youve got to consider not just the rent of the premises. Youve got to get a lawyer and possibly accountant to check that th busines and books are in order, that all licences for the operation of the pub are valid and arent revoked...etc.

I was going to buy into a pub/restaurant in Limassol got a due dilligence done which in fact saved me a fortune. If id gone in without it I probably would have lost my investment or be in court now trying to recoup it. I used a lawyer in Nicosia called Stelios Stylianou ( email s.stylianou@ns-lawyers.com) who did a sterling job of investigating all the pitfalls of buying the business. He was highly recommended on another forum and hes an expat too which was a bonus.

If you want, pm me and ill fill you in with more details.

Cheers and good luck

Andy