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Bought Business for £35
Page 123
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PIA BUSINESS sold for £35 was the
subject of an application before the Scottish Licensing Authority, Mr. W. F. Quin, last week. J. F. Peden (Edinburgh), Ltd., of Bonnyrigg, was refused an application for an increase in their A licence of a vehicle of 3 tons unladen weight, to be acquired.
Mr. John Peden, managing director, said that they had bought the business operated by a Mr. Robert Cleghorn, and proposed to surrender the A licence for Mr. Clerghorn's vehicle if the present application was granted.
The Authority said he was more concerned with the purchase of the Cleghorn business, since the price of the vehicle had been £15 and goodwill £20. The vehicle had not been excise licensed.
Mr. Robert Cleghorn said in evidence that the business had been operated by himself and his son, who had left the business after an accident. He had fallen ill and his doctor had advised disposal of his heavier commitments. Mr. Cleghorn explained the low figures of the sale by saying that he wanted to get rid of that side of his business and concentrate on building. Despite the sale figure, there was a sound business to take over, he said, and estimated earnings of £600 a year. He agreed that there were no separate figures of earnings. Mr. Quin remarked that he was familiar with the seller who wanted to make money on his sales, but here there was the case of a man selling an allegedly active and worthwhile business for £35. The £20 for goodwill was ridiculous. The applicant might better have made a straight application for a new vehicle, said Mr. Quin. He was told that had been done.