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Newsagency & Tatts contract requirements

Newsagencies with a Tatts Lotteries licence, have a strict transfer of licence process required.

Tatts nominate a monthly submission deadline, which sets up the transfer process and earliest settlement dates usually 8 weeks later.

The Tatts submission, requires completion of a detailed questionnaire, and creation of a Business Plan & Cashflow for the business you are buying, amongst other things. Tatts expect this will normally take at least 5 to 7 days to create a considered & quality submission. Anything shorter and they will likely question.

Tatts will not send their transfer application criteria to any potential buyer, until they acknowledge a Contract is signed. After all, you are applying for someone else’s existing license.

Contract signing is usually 7 to 10 days after an offer is accepted under the Newsagencies For Sale ethical process, due to no cooling-off period applicable to business contracts.

So, if you want to meet a submission deadline, an offer has to be conveyed and accepted at least 2 to 3 weeks PRIOR to the monthly submission deadline, else you will likely delay settlement opportunity by a further month.

So when you are planning your purchase, call your Newsagencies For Sale Broker for the latest submission deadline.