Catalogue description Agreement

This record is held by Coventry Archives

Details of PA 353/19/27
Reference: PA 353/19/27
Title: Agreement
Description:

Whereby, having recited:- firstly, that S. Laxon (described as in 353/19/12) is the proprietor of E. Laxon & Co. Ltd. (described as in 353/19/14); secondly, the company's registration; and thirdly, its nominal capital and share-distribution (the second and third details being left blank): therefore, firstly, S. Laxon will sell to the company (a) goodwill of the business and all agreements except sugar contracts (clauses 10(a) and (b) hereof applying), (b) plant as in the first schedule, (c) stock, (d) book-debts as in the fourth schedule, (e) sugar-contracts as in the fifth schedule, and (f) rent-free tenancy of the garage at 24, Bishop St. of which the vendor has free use until 25th. Mar., 1927; secondly, as to prices, clause 1 (a)'s will be £1,000, clause 1 (b)'s £2,000, clause 1 (c)'s will be evaluated mutually (in default assessable by a qualified trade-valuer), clause 1 (d)'s will be the face-value less £1,200 reserve, clause 1 (e)'s will be £2,592/10/-, and clause 1 (f)'s will be £120; thirdly, the business will be taken over from 5th. May, 1923; fourthly, a 10% deposit will be laid at signing; fifthly, the balance (except the sugar-contract money's) will be paid to the vendor on 12th. May, 1923, the purchase-moneys by 14th. July, 1923 (with £5% p.a. interest), but the sugar-contracts' purchase-money will be quarterly payable in cash; sixthly, all purchase-money will be paid in cash except £1,000 in shares; seventhly, for ten years from 5th. May[, 1923] the vendor will not operate a similar business within twenty miles of Broadgate without the company's consent; eighthly, S. Laxon will act as general business adviser for two years, receiving £250 p.a.; ninthly, at request, the vendor will become a director of the company (with six months' notice of determination of his position); tenthly, S. Laxon reserves the right (a) to use the word "Laxon" for an intended packing business, (b) to employ trade names using that word for butter and margarine, (c) to sell goods (subject to the previous sub-clause) through the company within a twenty-mile radius of Broadgate (excluding (greater) Birmingham), and (d) to forbid the company's use of the word "Laxon" for dried peas or beans without his consent; eleventhly, the company alone will collect book-debts due to the vendor; twelfthly, the vendor will have right of access to the accounts, but they will be kept by the company; thirteenthly, £2,992/10/- will equal the estimated gross profits in arriving at a purchase-price for the sugar-contracts; fourteenthly, the company shall lease the Bishop St. premises with a purchase-option upon the terms of the second schedule's draft lease; fifteenthly, S. Laxon will offer the Chapel St. property to the company for £3,000; sixteenthly, the vendor may dispose of his 1,000 shares to named employees; and seventeenthly, in default of the previous clause's effect, the company may dispose of those shares within three years. First Schedule: plant, etc., including four vans, three cars, four safes, currant-, sugar-, and butter-machines, a ham-cooking chest, bacon hangers, a motor-cycle, a printing press.

 

Second Schedule: as on the draft lease (not attached).

 

Third Schedule: sugar-contracts (two firms).

 

Fourth Schedule: blank.

 

(Fifth Schedule not included).

Date: 1923
Held by: Coventry Archives, not available at The National Archives
Language: English

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