Catalogue description Draft Agreement

Whereby, having stated that W. Pegg & Son Ltd. (of Holbrook Lane, Coventry) was incorporated on 24th. Feb., 1942 with £2,500 capital; therefore, firstly, F. Pegg (builder and contractor, trading under the style of "W. Pegg & Son" at Holbrook Lane) sells to the limited company the business from 1st. Mar., 1942 as a going concern with (a) the goodwill, (b) benefit of subsisting contracts, (c) movables, (d) all assets except as hereinafter reserved; secondly, the first clause's fourth paragraph will cover (a) the vendor's debts, (b) the freehold property at Holbrook Lane wherein the business is conducted, and (c) F. Pegg's land and hereditaments in Newfield Rd., Coventry, plus adjacent land for which he has contracted; thirdly, the company accepts the vendor's title to the premises; fourthly, F. Pegg will indemnify the purchaser from pre-1st. Mar., 1942 debts; fifthly, the consideration will be £2,000 issued in £1 ordinary shares; sixthly, F. Pegg will continue the business until the completion-date; seventhly, the company will bear the legal costs; eighthly, the company will file the agreement with the Registrar of Companies; and ninthly, the company will occupy the Holbrook Lane premises on payment of £50 p.a. and the usual imposts but F. Pegg will be responsible for improvements.