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UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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I sold my business 7 months ago for personal reasons and now

Customer Question

I sold my business 7 months ago for personal reasons and now i want to start another do the same thing, but the person i sold the business to is saying i can't start another business in the same area for 5 years as this is the cooling off period and states that i can't do the same trade as i sold within a 5 mile radius of the town were we both live. Is this correct or is he being unfair as i was told that when you sell a business you cannot do the same thing again in that area for 1 year. Is he being unreasonable.
Submitted: 4 years ago.
Category: Law
Expert:  UKSolicitorJA replied 4 years ago.

It all depends on whether you had agreed that the restrictions would apply when you sold them the business, if you had not agreed to any such restrictions, then neither the 5 years or the 1 year period would apply as there is no default period in law. If no agreement, no restriction in which case it would depend on what you feel is reasonable.

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