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Newsagency & The Lott contract requirements

Newsagencies with a The Lott Lotteries license, have a strict transfer of license process required.

From May 3rd 2022, The Lott have changed their mandatory training from Monthly to Weekly, and made that a National training instead of state based.

Under prompt attendance and always subject to the processing discretion of The Lott, we expect settlement dates to be within 12 weeks of an offer acceptance.

The Lott application submission, requires completion of a detailed questionnaire, and creation of a Business Plan & Cashflow for the business you are buying, amongst other things.

The Lott 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.

Accordingly, prompt attendance is required by the buyer to create, provide and process all requirements under contract.

Sellers always have the right to accept other offers until a contract is signed, and the contract will have specific performance dates to be achieved without being in breach.

So when you are planning your purchase, call your Newsagencies For Sale Broker for a detailed timeline to be able to potentially achieve the above.