Hooray, we completed the sale on our first trading deal through Savills. The timeline was three months from purchase to sale at auction, which produced a £30,000 profit. Before you gawp at the relatively modest profit, our view is that doing ten of these deals every three months will produce a gross profit of £1.2m per annum. It has taken a while to get our systems and marketing in place but we are virtually there resulting in a solid foundation, which will support our business expenses. The original aim of this department was to cover our cash flow per month but it looks like it will succeed our expectations and become a hugely profitable business. I know my colleagues Thierry and Prab are putting the final touches to it, one of which is securing an equity partner.
Our team now numbers nine it total so having an income stream to support not only our staff wages but also due diligence costs such as surveys, solicitors and pre-apps has been paramount. Up until now we have been supporting the business with our own funds so it feels great to know it will be self-supporting. I suppose this is a natural progression of growing our business, which leads me onto our latest developments.