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Exceptional high growth niche first mover opportunity

Member: ROBERT464
Located in: Kent, United Kingdom (Great Britain)

Business Details

Business Stage:
  • Start-up/Seed (business to be started)
Amount Required:
  • £250000.00
Investment Types:
  • Debt/loan financing
  • Equity/shares
  • Product R&D
  • Initial start-up of business
  • Sales & marketing
  • General expansion of business
  • Equipment/inventory purchase
  • Working capital
  • Business Services/Consulting
  • Internet Services/ISP/Web
  • IT Services/Consulting
  • Personal Services

Short Description plans to be the first mover in providing fast, low cost, easy to access, use and understand multi-lingual and jurisdictional live online pay-as-you-go legal advice to the unserved latent* market of individuals and the public and private sectors via PC, mobile phone and satellite. Along with radically improving upon any current market offering and the lack of a credible alternative, the legal profession has also expressed an interest in taking advantage of our product. Furthermore, changes to UK legal services legislation that took effect in early October 2011 allow for an unprecedented opportunity in this niche.

*those seeking quick answers to everyday legal questions.

Executive Summary

Benefitting from 8 years of research and almost two years of development by its founder and serial internet entrepreneur, Robert Quaranta; including support from top advisors in each key field and a strong legal management team, a European rollout of the concept is expected in October 2012. Our ultimate goal is to become the foremost worldwide internet destination for live legal advice, in line with praiseworthy comments by academic author Richard Susskind in the Times newspaper, who is considered the pre-eminent authority on the future of the law.

Quegal was registered in London as a limited company in February 2011. The Founder currently retains full share ownership. Relevant country specific website addresses have been secured together with the legal services trademark within the UK. Patents are planned for our unique and proprietary delivery system. In addition to appointing Accountants and Bankers, we have also identified office space, equipment and staff pools. Comprehensive online sales and marketing strategies are also available.

The UK legal services market is worth over £21.4bn, and internet usage statistics already account for over 59% of UK households, with a European 5 year growth rate of 177.5%, our UK target age group alone accounts for more than 16.6 million people. NOP market research for Lawyer Locator shows 64% of respondents agreeing clients are increasingly interested in using the internet to find a Lawyer, with a reported 185% quarterly sector sales increase. The rise of those with online access, together with a persistent unwillingness by the profession to regulate quality, reduce costs, simplify advice and offer greater accessibility, will allow the Quegal brand to secure a considerable market share.

The company has projected EBITDA of £2m in three years time. A P/E of 4 gives a 2014 year-end company valuation of £8m. We also expect to offer a minimum 39% cash return on investment within 18 months, along with immediate revenue streams. Significant bolt-on services are also in discussion with the accounting, insurance and banking industries amongst others.

In conjunction with the Legal Services Commission, Quegal also plans to target the Legal Aid shortfall and UK advice deserts. Several organisations including major international corporations, Trading Standards, the Sole Practitioners Association and National Association of Citizens Advice Bureaux have also expressed an interest in our legal service provision. Discussions with the Chancellors Department and various Government agencies are planned in the near future.

Although we are currently in stealth mode prior to a full launch, our online market testing has generated 126,000 website hits per day. This exceeds visitors to the top international law firms, and provides similar metrics to Facebook when it first gained external funding. Cost to the consumer is kept to a minimum by outsourcing aided by a highly scaleable business model. We also have significant development lead in this niche, with extensive and proven customer research along with a solid and unique brand.

We are currently seeking investment of £250,000 to bring our newly developed website to market within the UK. Minimum tranches of £50k preferred. Up to 49% of company share ownership is available including places on the Board. Investors with relevant industry knowledge or a wish to participate are welcome. Ideally key investors will want to remain in the project for 1 to 3 years and provide second round funding, although this is not necessarily required. Exit routes will likely be in the form of cash flow, with the possibility of an eventual company flotation and/or a trade sale.

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