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Ben Jones
Ben Jones, UK Lawyer
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Selling a mobile catering business, buyer paid 40% then

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Selling a mobile catering business, buyer paid 40% then pulled out as he didn't have money to complete, now he wants his money back . I gave him recipes, training,stockists, etc. I have had to reduce the price, still not sold as i missed the peak time and i have costs involved, can i keep his money?

Hello, my name is***** am a qualified lawyer and it is my pleasure to assist you with your question today.

How long after paying the deposit did the buyer pull out?

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Customer: replied 1 year ago.
Hello Ben, I advertised my trailer,stock and generator for 28.5K, sale was agreed at 27K. Buyer paid 1k deposit. then when he was meant to complete he said he needed a bit more time to get more money and he paid a further 10k , I then gave him recipes and training and al its of my stockists plus special prices i had negotiated. Turns out he dint have any more money and after several delays he has finally admitted he cant complete. Now he wants his money back. I have reduced unit to 21k and cant sell it as the peak festival time has now started. Plus had paid out for gas and electric safety certs . where do I stand? He agreed to buy on 11 may and I finally got the truth on 9 june that he had no more money
Customer: replied 1 year ago.
I wrote out 2 receipts, 1 for the 1k deposit which i marked as forfeited if he didn't complete, the 2nd for the other 10k which i said was a part payment. He and his 2 partners all signed both recipes as did I. He paid back for the 1k and cash for the 10k. I am stuck knot able to proceed with my business due to lack of funds but i cant sell the trailer till maybe next easter now. I feel i have missed the season and been hugely messed about. One of these 3 buyers lied to the other 2 about having the money.