Money Service Business for sale in United Kingdom

SALE MEMORANDUM

INTRODUCTION

• Active UK company was incorporated in UK in April 2005

• Regulated as a Money Service Business (MSB) by the FCA/HMRC

• Active UK Limited was acquired by the current owners in March 2024

• Change-in-Control was approved by the FCA in March 2024.

• Company Limited is a Small Payments Institution

• Upgrade paths to API, SEMI or EMI

THE BUSINESS

• Retail shop in London in the middle of large ethnic communities

• Remittances currently predominantly sent to Turkey

• Partner Bank in Turkey for distribution to all bank accounts in Turkey

• Customer database >11,000

• Currently accept cash and bank payments

• Contract with Cash-in-Transit contractor

• One UK bank account

• Own software in the retail shop

• Launching Company Mobile App and Web Portal in January 2025

• Integration with Premier Card Acquirer for Visa & Mastercard

• Contract in process for Open Banking Acquiring

• Integrations with multiple Payout Partners covering bank accounts, mobile

money and cash pick-up in over 100 countries worldwide including 38

countries in Africa.

MANAGEMENT

• Three Directors, including the founder from 2005 approved by FCA

• Full time MLRO approved by FCA – joined July 2024

• Part Time CFO – joined September 2024

• Full Time Retail Manager

• Management willing to stay involved for agreed period if required

FINANCES

• Financial Year End 30th April

• YE April 2021 – Income £210k Net Profit £76k

• YE April 2022 – Income £246k Net Profit £87k

• YE April 2023 – Income £93k – Net Profit £7k

• YE April 2024 – Income £22k – Net Loss £34k

• Year to October 31, 2024 – Income £20k – Net Loss £17k

The directors have developed a full business plan for the UK which has been

approved by the FCA. Revenue is expected to increase substantially with the

launch of the Mobile App, the Web Portal and Card Acquiring in January 2025.

PURCHASE PRICE

£400,000

REASON FOR SALE

Unfortunately, the CEO of Company in UK and internationally and a 45%

shareholder in the business is required to return to home country on a full time basis for

personal reasons and will be unable to manage the business going forward. He will

be able to remain in UK for a period of time to oversee the transition.

INTERNATIONAL

Although not included in the offer above, there is an opportunity to acquire the

international business.

• Company holding, the international holding company incorporated

in Mauritius

• Subsidiaries:

o Company in Sierra Leone trading since 2023, licensed by

Central Bank, staff of 11, forecasted transactions $1.4m in 2024, two

bank accounts.

License allows use of Company App, Web Portal and Wallet for

incoming and outgoing payments.

Agreement in place to launch prepaid debit cards for Visa &

Mastercard in Sierra Leone

Integrations with multiple Payout Partners covering bank accounts,

mobile money and cash pick-up in over 100 countries worldwide

including 38 countries in Africa.

Agreement pending for Agency with Ria Money Transfer

Wallet payments to/from Merchants and Government Departments

Integration pending with national bank switch.

o Company in Senegal non-trading, bank account, data privacy

application approved by CDP in December 2024. Pending signing

agreement with UBA Bank.

o Company in Ivory Coast non-trading, bank account. No

objection was given by ARTCI to sign the agreement with UBA Bank

awaiting the data privacy approval expected in January 2025.

Company in Ghana non-trading, bank account, license not submitted

Company in Gambia non-trading, bank account, license not submitted

PURCHASE PRICE

3 Storey freehold building in prestige area of Freetown, comprising two floors of

offices and one three bedroom apartment. Fully furnished with parking

US$650,000, International business only with all subsidiaries and licenses - $650,000.

Further info- Valters Gencs, info@gencs.eu, WhatsApp/telegram 371-29265441