Memorandum of Sale

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					     Adison International Limited

         Memorandum of Sale

    Catering/Chef Recruitment Agency
           Business Ref. JS2074

                    Location: Central London
                      (Fully Re-locatable)

               Confidentially offered for sale
        Asking Price: £90,000 plus assets

    Price includes: The following listed overleaf (which will be supplied to interested parties
              following the completion and signing of a confidentiality agreement).

               Ref JS2074      Page 1 of 4     Version 1                10/06/2008
Business Profile:

This is an excellent opportunity to purchase a specialist recruitment
agency which focus on providing chef’s of all grades to high class
restaurants and hotels, both in the UK and overseas. This business is well
branded with a highly informative and helpful website, currently run by a
chef who has focused on providing a high quality service to his customers
and a very personal service to his chef’s. This business has therefore
developed an enviable reputation. The business provides chefs from
Commis Chef’s to Head Chef’s, Kitchen Managers and Front of House
staff, all provided on a permanent fee basis.


Producing consistent profits
Low cost office base
Fully equipped offices with first class database software
Good central London location
Wide ranging client base (799) with much repeat business
Large candidate base (3900) of quality catering staff
Proven formula for attracting candidates from France and other European
Excellent reputation with both clients and candidates
Excellent growth potential
Fully re-locatable
Full recruiters training manual

Financial Information:

The business is run on a Sole Trading basis and therefore the goodwill of
the business will be sold on to the purchasers together with a good
handover period.

All financial discussions between the vendor and interested parties will
take place through the auspices of Adison International Ltd.

Financial Results:

                   2006              2007           2008
Sales              £63,000           £83,000        £105,000
Costs              £38,000           £45,000        £51,000
Net Profits        £25,000           £38,000        £55,000

It can be seen from the above table that the business grew by 21% between
2008 and 2007 and 30% between 2006 and 2007. Placement fees are
charged at between 13% and 10% of salary which is a very competitive fee
structure. The business makes approximately 60 placements per annum or
around 5 per month.

          Ref JS2074   Page 2 of 4      Version 1          10/06/2008

The company operates from a serviced office with a flexible lease in a
central London location. Whilst the offices are compact of approximately
160 square feet this is sufficient to house 3 fully functioning work stations
and an interviewing desk. Other facilities including kitchenette and toilets
are available with joint occupancy. The offices are connected to telephones,
broadband with a low cost rental of £12,000 per annum, inclusive of
services. With the offices being housed directly above a London tube
station they are easy to locate and access.


The owner works part of the year on his own and employs an additional
recruiter who he trains to work with him between September and May
which is the company’s busy period.

Reasons for sale:

The owner has a partner who has established a growing fashion business
which requires her to travel extensively throughout Europe. The owner of
this recruitment agency wishes to work in that business with her so they
can spend more time together.

Key Opportunity:

This is an excellent opportunity to buy an established catering/chef
recruitment business that is easy to run and has a low cost base. The
business could easily be expanded by employing additional recruitment
consultants and to spread its activities into temporary employment in the
general catering market place. Alternatively focusing on what they do well
now with a bigger team this business would blossom. The ideal purchasers
for this business may come from a number of backgrounds, such as;

   1.     An individual or couple with a recruitment/catering background
          wishing to work hands-on in the catering/chef recruitment

          Ref JS2074   Page 3 of 4   Version 1           10/06/2008
   2.    An existing catering/hospitality recruitment company seeking to
         graft on to their existing business a high quality chef
         recruitment division.
   3.    A generalist recruitment business in any location in the UK that
         wants to enter this specialist market place.


The owner will provide a good period of handover and would be willing to
assist with the recruitment of additional recruitment consultants on
behalf of the buyer. All appropriate support and training will be given by
the current owner.

          Ref JS2074   Page 4 of 4   Version 1        10/06/2008

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