Catalogue description Draft Agreement for Sale of Business

Whereby, having recited that George Barber & Sons (Coventry) Ltd., Wellington St., Coventry had been incorporated on 19th Nov., 1938 with a nominal capital of £10,000 divided into £1 shares: therefore, firstly, W.N. Barber (carrying on a wholesale grocers' business under the style of "the executors of George Barber") will sell and the company acquire the business with (a) its goodwill, (b) the benefit of subsisting contracts, (c) the stock in trade and other moveables, (d) the insurance-policies, and (e) all other property not hereinafter otherwise assigned; secondly, reserved from the assets will be (a) loan-debts due to the vendor, (b) a sum equivalent to the profits from 29th Jan. to 29th Nov., 1938; thirdly, the profits for the year ending 28th. Jan., [1939] must be ascertained; fourthly, the company will accept the vendor's title to the premises; fifthly, the company will discharge the vendor's debts; sixthly, the sale-price of £2,856 will be issued to the vendor as shares; seventhly, the purchase will be completed on 30th. Nov., 1938 at Ortons' offices; eighthly, the vendor will continue the business on behalf of the company until the transfer shall have been completed; ninthly, the company will bear legal costs; tenthly, the company will file this agreement with the Registrar of Companies; and eleventhly, for a quinquennium from [29th. Nov., 1938] the vendor shall not operate as a wholesale grocer within a ten-mile radius of Coventry.