On Market Issue 16/01 - Leisure Property Specialists - Fleurets
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Hotels
Restaurants
Pubs
Leisure
Leisure Property Specialists Investments
On Market
Issue 16/01
1
On Market Issue 16/01 fleurets.com
Positive Predictions
for Pub Sector
Graeme Bunn
Managing Director
I am going to make three, perhaps bold, from the position of the one size fits all full
predictions for the rest of 2016: repairing lease of years gone by.
1. Jennifer Aniston will eventually accept The continued growth of the managed
“ I would challenge
anyone to look back in 8
months time and say that
2.
3.
my dinner date
Donald Trump will not become U.S.
President
2016 will be viewed as a year of
house divisions of the tenanted pub
companies should also be welcomed as it
will provide such companies with a better
understanding of the challenges and
2016 was neither a year of positive change and innovation in the opportunities arising from running a public
pub sector. house. Whilst many tenants of good quality
change nor a year of pubs, where the unexpired lease term is
progress and opportunity
“ Now perhaps I am going out on a limb for
the first two, but I am entirely confident that
dwindling in length, will become increasingly
nervous as to whether their lease will be
for the pub sector
my third prediction will hold true. With the renewed; this may lead, particularly in
final stages of the MRO legislation under London, to a sharp correction of leasehold
discussion and introduction imminent, the values.
impact of this legislation is undoubtedly
driving strategy of all the large tenanted pub At the outset, those campaigning for this
companies. Even the most ardent supporter legislation were perhaps targeting a more
of the tied pub companies will have fundamental outcome in relation to the
admitted that the structure had become one tie. Many commentators warned against
dimensional. the unintended consequences of the
legislation - I am entirely optimistic that
The forthcoming legislation has perhaps such consequences will be positive for the
forced pub companies to consider much pub sector. Although it is perhaps not what
needed alternative operational and Greg Mulholland was hoping to achieve
ownership structures. The introduction of by advocating this legislation, I believe the
genuine franchise agreements, free of tie change it will drive will benefit all, and not
leases, shorter term “taster” agreements just the few. Whilst much hard work still
with significant flexibility, turnover rent only needs to be done, I would challenge anyone
agreements and longer term agreements to look back in 8 months time and say that
without any rent review provisions, provide 2016 was neither a year of change nor a
obvious choice to novice and experienced year of progress and opportunity for the
potential tenants. This is a long way away pub sector.
Cover image courtesy of South Kensington Club
2
On Market Issue 16/01 fleurets.com
In this issue
Market commentary INVESTMENTS
A look at corporate activity 04 - 05 Investment Commentary 16
Properties 17
Examining the corporate activity across the
pub, restaurant and hotel sectors.
HOTELS
London single asset transactions 06 - 07 Hotel Commentary 18
Looking at some key single transactions across 19-23
Properties
the capital and where they have taken place.
RESTAURANTS Market Commentary
Meet the Operators 08 - 09 04 A look at corporate activity
Restaurant Commentary 24-25
We interviewed two of the industries ‘leading
lights’ regarding acquisitions. Properties 25-30
Gin - Fashion or Fad? PUBS
10
Dissecting gin’s popularity and exploring its Pub Commentary 31
history.
Properties 32-45
Life after EIS
11
LEISURE
Steve Kenee, partner of Downing and
head of the Licensed Sector team explains Leisure Commentary 46
crowdfunding.
Properties 47
Tough times for the industry: Best 12 Market Commentary
Western GB offers solutions 06 London single asset transactions
Rob Payne, CEO of Best Western Great
Britain looks at the challenges within the
hospitality industry.
What Lies Ahead? 13
Neil Gerrard from The Caterer takes a look at
the next few months.
Making Room 14
Mark Wingett from MCA comments on the
UK’s coaching inn sector.
The Leasehold Pub - The route to 15
success Market Commentary
The benefits of the leasehold option laid out
08 Meet the Operators
and explained.
Important notice: Unless otherwise stated, all properties
are being dealt with on a Sole Selling Rights basis. The prices
and other particulars regarding properties are correct at
the time of going to press, April 2016. But, as prices can
be altered by the vendor at any time, interested potential
buyers would be wise to check the latest position with
Fleurets On Market Fleurets before viewing. The information contained in this
publication is not to be reproduced in whole or in part
Published by Fleurets Ltd without the expression permission in writing of Fleurets Ltd.
4 Roger Street, London WC1N 2JX
© Copyright - Fleurets Ltd 2016 London,
Enquiries: Lizzie Hawes ‘All rights reserved’.
T: 020 7280 4700
E: lizzie.hawes@fleurets.com Market Commentary
W: fleurets.com/onmarket 10 Gin - Fashion or Fad?
3
On Market Issue 16/01 fleurets.com
A look at Corporate Activity
Paul Hardwick sectors, each with differing characteristics However, most noticeable has been the
Director
reflective of the ownership and buyer sustained corporate activity in the managed
& Head of Hotels
structures. In the pubs sector, we saw sectors, for example with Stonegate Pub
continued decline in the sale of individual Company’s acquisition of the 53 Tattershall
assets by the major tenanted pub Castle sites alongside the 15 Maclay
companies, albeit counteracted to a degree Group sites and, of course, Greene King’s
by a couple of portfolio transactions. In acquisition of Spirit.
the managed sector, the trend of strong
It has been an incredibly interesting and trading results, increased operator and
active year or so, with changing market consumer confidence has fuelled further
dynamics across the leisure property organic acquisition by expanding multiples.
Pubs
Approx.
No. of Approx. Avg.
Deal Reported Buyer
Units Sale Price/Unit
Price
Stonegate Pub
Maclay Group 15 £12m £780k
Company
Spirit Pub
1,227 £774m £631k Greene King
Company
El Vino 5 Undisclosed Undisclosed Davy's
Punch Taverns 158 £54m £338k NewRiver Retail
Greene King 13 Undisclosed Undisclosed Heineken
GRS Inns 146 £36m £246k Red Oak Taverns
Tattershall Stonegate Pub
53 Undisclosed Undisclosed
Castle Group Company
JD
11 £7m - £8m £636k - £727k Hawthorn Leisure
Wetherspoon
The restaurant sector has also seen a fair share of action and evolution, with a flow of corporate deals involving many of the high street
brands; Côte, Las Iguanas, La Tasca and CAU to name a few. This area of the market continues to be under the watchful eye of private
equity funds, supported by strong trading results, increasing brand confidence, brand awareness and brand loyalty. The sector also
demonstrates a seemingly endless ability to develop new brands and secure expansion opportunities.
Restaurants
Approx. Approx. Avg.
No. of
Deal Reported Sale Price/ Buyer
Sites
Price Site
Prezzo 245 £304m £1.24m TPG Capital
£7m
Honest Burgers 9 £778k Active Private Equity
(50% Stake)
Franco Manca 19 £28m £2.75m Fulham Shore
Côte 65 £250m £3.85m BC Partners
£1.95/
Las Iguanas 41 £80/ £90m Casual Dining Group
£2.2m
Coco di Mama 6 Undisclosed Undisclosed Azzuri
£500k/
La Tasca 40 £20/ £25m Casual Dining Group
£625k
Gaucho and Equistone Partners
33 £100m £3.03m
CAU Europe
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On Market Issue 16/01 fleurets.com
However, it is arguably the hotel sector which has dominated the headlines in terms of deal volumes. Due to a heavy excess of
demand over supply and eye watering London pricing, transactional activity has concentrated on the regions. Whilst a reflection of
the rejuvenating private market and individual asset sales, along with the continued expansion of the established and emerging brands
through new development, it is predominantly a result of a handful of very significant group deals. Again, private equity and overseas
buyers have been major players, albeit supported by trade buyers during recent times.
Hotels
Approx. Approx.
Deal Hotels Keys Reported Price Per Buyer
Price Key
Jurys Inn portfolio
31 861 £680m £79k Lone Star Funds
of 31 Hotels
Feathers Group,
8 726 £70m £96k Topland
portfolio of 8 hotels
Cerberus Capital
18 UK Holiday Inns 18 2,443 £225m £92k
Management
Accor Sale and
7 469 £23m £49k Starboard Hotels
Leaseback
Malmaison Hotel Frasers Hospitality
29 2,082 £363m £175k
Du Vin UK Holdings
HK CTS Metropark
Kew Green Hotels 54 £400m
Hotels Co.
Big Sleep Hotels 3 190 Undisclosed Undisclosed Compass Hospitality
50:50 JV between
Thai Industrial
Jupiter Mercure
26 2,883 £155m £53k and Engineering
Hotels
Service (TIES) 7 Fico
Corporation
Frasers Hospitality/
Swire Hotels 4 265 £36m £136k Malmaison
Hotel Du Vin
There has also been a reasonable degree of traditional investment supported by a trend of improving trading performance, we expect
activity at portfolio level, reflecting the growing understanding that purchaser appetite will continue, with asset supply met through
and acceptance of leisure property as mainstream investment trade sales, group consolidation and partly through increased
assets. Starboard Hotels acquired 7 hotels in a sale and leaseback liquidity in the private market, as sellers cash in on improving
transaction with Accor; Mansford Group acquired a package of pricing.
23 pubs let to Stonegate; and OLIM Property Limited bought 5
bowling centres for BAE Systems Pension Fund as well as a package The market is not, however, without concern. National Living Wage
of 8 restaurants in a sale and leaseback transaction with Prezzo. is a significant challenge, the Market Rent Only option continues
to be discussed, fuelling uncertainty to both owners and occupiers
With interest rates continuing at historically low levels, increasing in the pub sector and, of course, there is continued uncertainty
availability of funding from traditional and alternative sources, around the domestic, European and global economies.
5
On Market Issue 16/01 fleurets.com
London single asset transactions
Andy Frisby
Divisional Director
The trading performance of leisure and
hospitality venues operating within Central
London is well documented, with strong
like-for-like sales growth reported across all
sub-sectors of the wider leisure market.
Given this backdrop, it is of little surprise
that strong demand from operators for
new and existing sites has seen the level of One of many quotes attributed to Warren of single asset transactions highlighting key
asset prices grow steadily and strongly over Buffett sums up the thoughts on many. landmark and notable transactions which
recent years. The level of rental values is “Only when the tide goes out do you have recently occurred across all sectors of
regularly questioned, but are capital values discover who’s been swimming naked.” We the Leisure market.
under the same pressure in the capital? therefore provide an overview of a number
Bocconcino, 19 Berkeley Street, Mayfair Fox & Anchor, 115 Charterhouse Street, Clerkenwell
1 7
New 25 year lease from 2014 at an initial rent Purchased by Young & Co in July 2014 for £4.3 million.
of £380,000 per annum subject to a premium of
£380,000. The Garrison, 99 Bermondsey Street, Bermondsey
8 Purchase of the freehold interest by City Pub Company
Sexy Fish, Berkeley Square, Mayfair in May 2015 for £3.5 million.
2
Acquisition by Richard Caring of a former NatWest
banking hall on a new lease at an initial rent of Admiralty, 66 Trafalgar Square, Trafalgar Square
£800,000 per annum subject to a premium of
9 Acquisition by Fuller Smith & Turner of a new 25 year
£500,000. lease from March 2014 at an initial rent of £300,000
per annum.
Five Guys, 5-6 Argyll Street, Oxford Circus
3 Leasehold acquisition by Five Guys of the former Cape Five Guys, 9-11 Villiers Street, Charing Cross
10
Town Fish Market in 2014 with an unexpired term of 13 Another acquisition by Five Guys of the former Café
years for £2.6 million. Rouge in December 2014 for £1.5 million, subject to a
lease with 15 years unexpired.
Harp, 47 Chandos Place, Covent Garden
4 Purchase of the freehold interest by Fuller Smith & TGI Friday’s, 30 Leicester Square, Leicester Square
Turner of the iconic Harp for £7.2 million in August
11 Letting of the former Yates’ unit on a new lease of 20
2014. years from June 2015 at a rent of £1.8 million per
annum.
Kingsway Hall Hotel, 66 Great Queen Street,
5
Covent Garden Kings Head, 17 Hogarth Place, Earls Court
170 bedroom freehold hotel sold by Cola Holdings Ltd
12 Acquisition of the freehold interest by Fuller Smith &
in October 2014 for £96m to Shiva Hotels. Turner from Faucet Inns in 2014 for £3.5 million.
Ace Hotel, 100 Shoreditch High Street, Shoreditch
6 258 bedroom Ace Hotel acquired by Limulus from
Starwood Capital for £150m.
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On Market Issue 16/01 fleurets.com
Sexy Fish - Five Guys - Harp - Kingsway Hall Hotel
2 Berkeley Square
Mayfair 3 5-6 Argyll St.
Oxford Circus 4 47 Chandos Place
Covent Garden 5 - 66 Great Queen St.
Covent Garden
Bocconcino - Ace Hotel - 100
1 19 Berkeley St.
Mayfair
6 Shoreditch High St.
Shoreditch
Kings Head - Fox & Anchor -
12 17 Hograth Place
Earls Court 7 115 Charterhouse St
Clerkenwell
TGI Friday’s - Five Guys - Admiralty - The Garrison -
11 30 Leicester Square
Leicester Square 10 9-11 Villiers Street
Charing Cross
9 66 Trafalgar Square
Trafalgar Square 8 99 Bermondsey St.
Bermondsey
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On Market Issue 16/01 fleurets.com
Meet the Operators
James Davies popularist national media would have you any one of these coffee shops or restaurant
Director
believe, it is not all the fault of the ‘big bad’ chains and the experience should be
pub companies. replicated.
We all are only too aware of the huge To compete, the private pub operator has
pressures the average publican has had had to up the ante again and there are
to endure in this time: an unprecedented now independent chains of pubs and bars
number of threats to their business include throughout the country offering exceptional
In the last 10 years we have watched the the smoking ban, declining beer volumes experiences, which once upon a time could
pub and bar sector polarise, as we have and escalating costs associated with running only be found in the very best restaurants
witnessed fantastic success stories their businesses. and West End bars.
from some of our country’s best leisure
entrepreneurs; smashing trading records But, what is often not considered is that we The rapid growth of such companies has
whilst making sure the ‘bar’ continues to have also seen a huge growth in the number meant increased competition for a finite
reach new heights. of coffee shops on every high street in the number of acquisition opportunities and
country as well as a much higher number of here we speak to two of the leading lights in
It is no coincidence that in this time we fast casual dining restaurants, all offering a our sector who share with us some of their
have seen record numbers of public houses slightly different service and product with views for current acquisition requirements
closing down, however despite what the brand consistency, meaning you can go to and future planning.
Sarah Weir
Managing Director, Ruth and Robinson How far ahead do you plan your
acquisitions?
Do you have a set list of criteria for each
Probably planning about 2 years out now. In London there is a mix
potential acquisition?
of acquisitions and new builds, and for the latter you need to be
around a year ahead of completion.
The criteria very much comes first, but then sometimes you see a
site and/or a location and it just works. There is always a balance of
‘head and heart’ in the judgement. If we didn’t do that there would
What tips do you have for the next
be no new frontiers in locations; Soho House would never have
gone into the Meatpacking district of NY.
generation of entrepreneurs?
Get as much experience as possible first. Then, when you are
Would you rather take a shell unit or ready, do not compromise on anything. Fulfil every one of your
dreams, every scrap book and every crazy idea. Be relentless and
would you be happy to alter something
uncompromising, yet always gracious.
already in place?
This really comes down to budget. It’s always better to signal
What are the biggest changes you expect
strongly your new concept from the start. That however doesn’t
to see in the sector in the next 10 years?
necessarily need lots of money. People, service, standards, music,
entertainment, food and drink are all as important as design and
Same as the last 10 years. Property prices and availability, the
capex. Arguably more in some cases.
impact of legislation and most importantly finding and keeping great
people.
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On Market Issue 16/01 fleurets.com
Richard Brown
Director, Pearmain Pubs Ltd How far ahead do you plan your acquisitions?
We aim to open one pub per year, so it is essential we have them in the pipeline,
because these projects can take months of design, drawings and feasibility. Also
What are the key criteria in assessing a planning consent may be needed, and that takes time, as does the work itself. It
is now very difficult to find good sites at the right price.
potential acquisition
It’s very much about the feel of a site and its location. We
do have a basic criteria, i.e. footprint size, character building, What impact do you think the Market Rent Only
location/demographics, car park, garden etc... Usually we option will have on your business?
know within minutes of arriving at a site, but one or two have
challenged us, but we have learnt from experience over many
years. It’s a bit too soon to be sure of the impact generally, but we do not think it will
have any significant effect on our existing group other than maybe less new lease
properties on the market. We’ve been able to grow our business with traditional
tied leases, it will be interesting to see how Enterprise and Punch react.
What should the Government be doing
to help the industry?
What are the biggest changes you expect to see in
To pay full taxes on profits from day one despite huge investment
seems inappropriate, but it’s always been that way. Obviously the sector in the next 10 years?
capital allowances help, but in my view do not go far enough,
plus the Government changes them quite often. More innovation in both food and drink to keep pace with what is going on in
the home retail sector, great opportunities for creative operators. For brewers,
maintaining sales volume whilst keeping with the pace of change will be tough.
9
On Market Issue 16/01 fleurets.com
Gin – Fashion or Fad?
Lizzie Hawes
PR Manager
As with most industries, the hospitality
sector is not immune to particular products
‘trending’. Drinks, themes and locations all
come in and out of fashion; and it is always
the challenge and concern of operators to
predict the future; forecasting whether the
current trend is fashion or fad.
flavourings. However, the gin scene has also Newcastle leisure company Vaulkhard
Whilst vodka has had its turn and the craft seen some more eccentric interpretations Group (formerly called Fluid Group)
beer scene continues to thrive; the current of the old classic. Up until July this opened the doors of Bealim House, having
trend is gin. Earlier this year in March, year, Londoner’s can swap sipping for bought the former print works in 2000
the Wine and Spirit Trade Association inhalation at Bompass and Parr’s Alcoholic and previously operated the premises as a
announced that they expected to see gin Architecture bar in Borough Market – they sports bar with food offering. Having paired
sales exceeding £1bn in 2017. And since describe the installation as ‘meteorology with award-winning gin specialists, Durham
2010, pubs have seen a 35% increase in and mixology’. Various cocktails bars have Distillery, the new partnership (named The
the sale of gin, which is now the bestselling also begun offering hot beverages to keep Newcastle Gin Company) distills their own
spirit. Its success is often attributed to its a chilly day at bay. A hot gin toddy has been gin on-site in a 400 litre custom-built still.
popularity with the younger generations, no exception, and has been met with a This evolution is the first of a £4million
however here at Fleurets we have (closely!) warm reception. development supported by NatWest and
monitored gin’s upward surge and thus Sintons, which will be implemented over the
believe gin’s popularity to be founded in the As well as occupying permanent residencies, next three years, spanning several of the
spirit’s versatility. gin has also generated a strong following group’s city centre premises.
within the pop-up scene and gin festivals
Whilst gin is still being appreciated in its operate across the length and breadth Amber Taverns’ gin palace brand Hogarths
most conventional form: a classic G&T; of the country. UK food and drink trends is particularly aptly named, as William
gin lovers have also begun experimenting generally materialise in London, but once Hogarth’s famous 1751 painting ‘Gin Lane’
with other concoctions, for which tea and regional spread has begun, it is difficult to depicts gin’s less salubrious past. Gin’s
cucumber have both become popular pacify the contagion. In September 2015 origins lie in medicine, as it was thought
to be a cure for both gout and indigestion.
However, gin was also the drink of choice
for the working classes, as it was cheap.
Such vast quantities were consumed,
particularly by women, that children were
consequently neglected and consumers
imprisoned having indebted themselves
through consumption. Hogarth’s print
depicts the inebriated streets of London.
With that, the advice to drink responsibly
has perhaps never been so pertinent as the
popularity of gin once again soars.
And as for Fleurets’ conclusion as to fashion
or fad - we believe gin is here to stay,
although in what form, who can tell...
Bompas Parr. Image credit Marcus Peel
10
On Market Issue 16/01 fleurets.comLife after EIS
Steven Kenee Crowdsurfer (which collects data from over oversight and the rights and protections
Partner of Downing and head of the 700 platforms) and the key words of professional investors are likely to insist
Licensed Sector team. ‘Pub’, ‘Bar’, ‘Brewery’, ‘Restaurant’, ‘Casual’ upon.
& ‘Licensed Sector’ has highlighted the
Raising equity under the Government’s following: However, whilst easier, cheaper funding
Enterprise Investment Scheme (“EIS”) has may sound like a good thing, the truth is not
historically been a key source of finance • This is a growth area: Whilst £39m was as simple. Professional investors carry out
for early stage PubCo’s. However, changes raised in the past three years, £29m due diligence and insist upon protections/
to the EIS rules mean that companies that was raised in the past 12 months; oversight for a reason. As well as ensuring
raise equity under the EIS scheme after 18 investors get the return they are entitled
November 2015 will be prohibited from • Amounts being raised are small: The to, they are designed to protect companies
purchasing businesses. Unfortunately for average amount raised was just £32k from taking on unsustainable amounts
the sector, the definition of a business and less than 2% of the total successful of debt and from promising returns they
includes trade and assets and therefore funds raised were for more than cannot deliver. If one of the advantages
any pub which was trading when it was £250k; and of Crowdfunding is gaining customers/
purchased i.e. the majority of PubCo brand advocates, then one of the dangers
acquisitions. • The success rate is low: just 39% is leaving them feeling short changed or
raising the amount they requested. oversold.
Whilst this is clearly a blow to early stage This falls dramatically as the amount
companies, one thing is for sure, young being raised increases. Only 17% of This lack of oversight and/or proper
ambitious companies will remain young businesses raising more than £250k disclosure has led many commentators
and ambitious and will find new ways to being successful. to conclude that it is only a matter of
fund their early stage businesses. So what time before the bad news stories start to
will fill the void? One obvious candidate is Despite the relatively small amounts being appear. Indeed, former City regulator Adair
Crowdfunding. raised and the poor success rate, both Turner has recently been quoted as saying
Crowdfunding and Peer to Peer Lending ‘losses which will emerge from peer-to-
So what is Crowdfunding? Technically make a good fit for the sector. It works peer lending over the next 5 to 10 years
speaking Crowdfunding refers to raising for companies as they gain customers/ will make the bankers look like lending
finance from a number of individual brand advocates as well as investors and it geniuses’!
investors in exchange for shares in your works for investors as people like to invest
business and/or benefits. Whilst this doesn’t into businesses they know and (think they) Finally a lot of time, effort and cost is
have to be carried out on-line, the general understand. involved in putting a Crowdfunding pitch
“
assumption is that it is. However, the term together and answering potential investors
is often also used to describe raising debt Crowdfunding refers queries. This is, by definition, a very public
via a web based platform which is otherwise process and one with no guarantee of
to raising finance from success.
known as Peer to Peer Lending.
a number of individual
Whilst most of the press coverage appears investors in exchange for Despite the issues above, we believe that
to be focused on companies raising equity,
according to Liberum Alti Volume Index UK
shares in your business
“ Crowdfunding/Peer to Peer Lending is here
to stay. Generation X and Y are growing
(as at 16 February 2016), 97% (£5.6bn) and/or benefits up using the internet for everything from
of the estimated £5.8bn raised to date in shopping to their social lives and we expect
the UK fell under the Peer to Peer Lending It may be a cheaper source of finance this to transpose to how they manage their
category. as companies can set higher business investments. However, we also believe that
valuations or lower interest rates than a in order for it to thrive, it needs to grow
Digging behind the headline figures is professional investor would accept. It also up and become more professionalised,
tricky, however, research by Downing using avoids the time consuming pre-investment otherwise the benefits could be
due diligence, the ongoing post investment overshadowed by the failures...
‘Important notice: This article is for information only. Opinions expressed in this document represent the views of the author at the time of publication, are subject to change, and should not be interpreted as investment advice. Downing LLP
shall have no liability arising for any error, inaccuracy or incompleteness of fact or opinion in this article. ‘
11
On Market Issue 16/01 fleurets.comHard times for the
industry: Best Western
GB offers solutions
Rob Payne We are one of only three countries in apprentice schemes. Apprenticeships can
CEO of Best Western Great Britain and Europe who don’t have a lower VAT for have a positive impact on our industry;
Beacon, Britain’s leading purchasing tourism; a reduction in Tourism VAT would indeed, as a result of the NLW and other
organisation. bring us in line with our competition. financial pressures, more than 80% of our
member hotels said they would reconsider
Tourism is one of the largest contributors The Cut Tourism VAT campaign group have their recruitment strategies, including
to the UK economy, a multibillion pound said this would create 120,000 new jobs employing more apprentices.
performer year after year. Yet I think the and add £3.9bn into the treasury.
tourism and hospitality industries are faced We know that
with some key issues that will continue every one of these
to affect them significantly in the future, pressures
with little intervention or support from the has a personal
Government. impact on our
hotels, and without
One of the biggest issues for our industry, more support, the
and most topical is the National Living landscape of Great
Wage (NLW), which has the potential British hotels could
to damage the image of British tourism change dramatically
worldwide. From a recent survey of the over the next 12
hotels we represent, 90% said they might months.
have to increase their prices to mitigate To find out more
against costs incurred by the NLW. about how you can
support industry-
Best Western Plus The Connaught Hotel, Bournemouth
The Office of Budget Responsibility backed campaigns
predicted that 60,000 jobs would be lost visit www.bha.org.uk
as a result of the introduction of the NLW. Another key issue for our industry is the or contact media@
While we are all in favour of a fair wage for disruption in the online distribution space bestwestern.co.uk.
everyone, I think that it will be small and and a huge worry to Best Western’s
medium-sized enterprises (SMEs) that will members is that amongst this online
pay the highest price for the introduction disruption and dominance is Rate Parity.
of the NLW, with those job losses Rate Parity has been banned in France,
disproportionately distributed amongst our Italy and Germany and it is about time it
industry. was addressed here too. Best Western
GB is working with the British Hospitality
Our sister company, Beacon, helps our Association (BHA) to ensure that this issue
members with professional procurement to is at the forefront of the Government’s
relieve the pressure on margins and secure mind.
global economies of scale. We have seen
businesses that are heavily dependent upon The third issue I am particularly passionate
people for production and distribution pass about is making the hospitality industry
on the cost of the NLW in their goods to a first choice career for school leavers
our customer base. My worry is for those and graduates. With more governmental
smaller independent businesses that do support and industry buy in, we believe
not have the security of being part of a that we can address the skills deficit
collective like ours. within the hospitality industry, as well as
attract and support quality employees.
With that in mind we are calling on the One way of attracting more young people
Government to look again at ways in which into hospitality will be through the
it can help ease pressure on our industry. wider promotion and implementation of Best Western Braid Hills Hotel in Edinburgh
12
On Market Issue 16/01 fleurets.comWhat Lies Ahead?
Neil Gerrard they did more often, but spending slightly Paris terror attacks which pushed down
Associate Editor, The Caterer less on each occasion than they did a year London hotel occupancy in its aftermath,
before. or the flooding in Cumbria, Lancashire, and
Trying to predict the future is supposedly Scotland, and the continued fall in oil prices
a mug’s game, but in the increasingly But all that glistens is not gold and there are which is wreaking havoc in the Aberdeen
competitive world of hospitality nor is now some notes of caution. hotel market.
ignorance likely to be bliss.
Restaurant trends analysts Horizons In spite of all of the above, the picture still
And while we at The Caterer like to try predicted that overcapacity in the market looks positive for UK hospitality, particularly
and avoid being branded mugs, we also try due to several years of rapid growth, in the regions where much of the growth
to remain alive to both the opportunities particularly among the bigger groups, means is taking place, and a continuation of food
and some of the obstacles that may face that growth in eating out will be constrained price deflation in 2016 should at least
restaurant, hotel and foodservice business over the longer term. provide some respite for hoteliers and
operators. restaurateurs alike.
The industry has also recently seen the
So, after a couple of years during which we introduction of the National Living Wage, We mustn’t take continued food price
have enjoyed some more positive economic and there is of course still concern among deflation for granted, of course. One
news, what lies ahead for the hospitality many about the effect it will have on some interesting side effect of a decision to leave
sector? operators, particularly independents. the EU (and a worrying one, especially if
you are a restaurateur or caterer) could be
We started the year with news that eating Meanwhile, there was a flurry of deals in a marked weakening of Sterling. Obviously,
out in restaurants still appears to be in good the hotel sector at the end of 2015 with the effects of a decision to leave would
health, and openings continued apace in the Accor Hotels paying £2bn for the luxury only be felt over the longer term, but it
run-up to Christmas, both in and outside of Fairmont, Raffles and Swissotel brands. could eventually lead to a ramping up of
London and the south east. The tug of war to gain control of Starwood food inflation again, which, combined with
Hotels & Resorts has resolved as the merger increasing labour costs could spell trouble
There was a raft of information from of Marriott International and Starwood for operators.
operators like Fuller’s, Marston’s, Loungers, Hotels & Resorts has been approved by
and Oakman Inns and Restaurants, among shareholders of both companies. So there are reasons to be cheerful, but
others, that suggested that it was a positive also some potential pitfalls that the market
Christmas and New Year period in the Consolidation is expected to continue will need to remain vigilant of. As ever, of
hospitality sector (although of course, those throughout 2016 as several international course, the operators who demonstrate the
who had a less fruitful festive period are hotel groups jockey for position, with IHG highest levels of quality - whether that is
probably less inclined to shout about it). expected to try and reassert its dominance quality of service or food - coupled with an
with an acquisition. offer that represents value for money, will
Even the wet weather, which hurt some be the ones who endure.
retail businesses, didn’t seem to dampen the On a national level, there have been some
public’s enthusiasm for eating out, which local shocks to the market such as the
13
On Market Issue 16/01 fleurets.comMaking Room
Mark Wingett Coaching Inn Group, the Kevin Charity-led, said this would be combined with existing
Editor, MCA Andrew Guy-chaired business, secured a growth funds, as the group seeks to grow
£20m investment from the Commer Group. to 10 sites. Greacen said he was keen to
The UK’s coaching inn sector is on the That was followed by a further £4.5m focus on pubs with rooms because “the
rise again, helped by new investment and secured from the Business Growth Fund as accommodation feeds other areas of the
improving market conditions, with a number it seeks to double in size by 2020. business”.
of fledgling groups set to take advantage.
When the then seven-strong group Cirrus Inns, the investment vehicle launched
According to the latest sector research received backing from the Commer Group to back a premium estate of freehold
regional hotel occupancies have climbed last January it set out its target of doubling pubs with rooms, has recently secured a
back into the 70s since 2011 and have in size by 2020. Having added three sites further two sites, as its looks to ramp up its
been creeping up since then, hitting during 2015, the group is now planning six expansion plans over the next two years.
75% in 2014. It’s forecast for 2016 that more acquisitions this year. Finance director The 15-strong company raised a further
77% would be the highest on record. At Ed Walsh said: “We believe the ability to £15m toward its continued expansion
the same time, research late last year by consolidate the coaching inn market could in 2014. The group, which is led by Alex
Barclays showed that 77% of British adults create a very big business. It could be Langlands Pearse (Langy), raised the funding
have been on or are planning a staycation, very much a national play. It depends on via its existing shareholders. The group,
with the combined spend estimated at how viable group acquisitions are versus which operates sites including the iconic
£22.5bn every year. It found that the individual sites. Our geography at the The Punchbowl in London’s Mayfair and
number of UK small businesses catering for moment is quite broad and there are plenty the Yew Tree Inn in Berkshire, had spent
accommodation and food services has risen of infill opportunities but we are certainly the previous 12 months strengthening its
17% since 2009 as appetite for staycations interested in pushing south.” operations team and enhancing the offer
rises. across its estate as it gears up for further
Competition for that growth will come from expansion. It is thought that the group
The Barclays data reveals an average spend operators such as the Inn Collection, Cirrus is aiming to eventually invest in up to 35
of £575 per party with men spending over Inns and Draco Pub Company. The Inn pubs and has already built up a database of
5% more than women, while those over Collection, the north-east based coaching “talented” entrepreneurs to work with.
55+ budget £619 on average and are inn operator backed by Kings Park Capital,
most likely to go away in September than has recently been given permission to Not that these fledgling operators will have
any other month. The seaside is the most build its sixth site. Rob Greacen, managing it all their own way, with established group’s
popular type of staycation with 20 million or director of Draco Pub Co, says that the such as Fuller’s, Young’s, Star Pubs & Bars
52% heading to be beside the sea, followed group’s recent £4m refinancing deal will and Thwaites all expressing their desire
by country breaks (45%). allow it to ramp up its expansion plans – to ramp up the accommodations sides of
with a deal close on its fourth site. The their businesses. Will there be room for
It is no surprise then that new investment Somerset-based coaching inn operator has everyone?
has entered the sector. Last January, the struck a deal with Barclays and Greacen
14
On Market Issue 16/01 fleurets.comThe Leasehold Pub – The route to success
Nick Earee
Divisional Director
Whilst the tied lease model of pub
ownership has its critics, there are
thousands of people who have been able
to enter the trade using this format and to
grow hugely successful businesses, moving
on to much bigger things. With very little
capital needed, tied and free of tie leasehold
pubs offer the opportunity for passionate
people to build spectacular businesses, that
would be virtually impossible to do in many
other business sectors.
leasehold is whether the lease is tied or free cost of entry and wide choice of units that
With the feel good factor returning in most of tie. tied leases can offer.
parts of the UK, the Chancellor easing the
burden on the industry with the duty freeze A tied lease binds the tenant to buying The life of a Publican is not for everybody.
and trading performance reported by most some or all of its wet products from the It requires hard work, long hours and
of the Pub Cos on the up, there has never landlord company at rates higher than could dedication. It is not a 9-5 job. You are
been a better time to consider getting into be achieved from the freetrade. In return however your own boss, you don't answer
the Pub trade. Whilst freehold prices maybe for the tie the landlord will charge a lower to anyone (your partner and the tax man
prohibitive in some areas, many people with rent and offer additional business support excepted) and you are directly responsible
limited capital are seeing the huge benefits services. Each agreement will vary in terms for your own rewards.
that a leasehold pub can offer. For as little of discount levels and the extent of the tie.
as £30,000 and a good degree of hard Many are limited to beers and ciders only. What offers better value for £30,000 - a car
work, an individual can transform their life. For tenancies the landlord often retains and a holiday or a home, a job and a way of
“
responsibility for external repairs. life?
Leasehold pubs
Free of tie agreements allow you to Don't pre judge leasehold pubs. Judge each
offer the opportunity for
passionate people to build
“ purchase your products from anywhere you
choose to at market rates. As a result rents
opportunity on its merits, take professional
advice, get all the facts and you will make
spectacular businesses. are invariably higher and almost always the right decision. It could be your first step
put the responsbility for all repairs on the towards a new life.
There are many benefits the lease/tenancy tenant. You will also be on your own having
model provides, other than purely economic no fall back business support available from
return, which shouldn't be overlooked your landlord.
To start with how about...
Essentially, the choice comes down to
• A Home (There is no place like it) personal preference, experience and often
• A Job (For you, your partner and operational choice. New entrants might
probably your kids/parents) prefer the support offered by the Pub Co
• A Way of Life (In the heart of the landlord, where as operators intent on
community) building a chain might choose the ability to
build buying power offered by the free of
The key to success for most is going in to tie lease. In many cases it will come down
it with your eyes wide open and doing the to the choice of units that are available
right deal at the outset. One of the main and many Pub and Restaurant multiple
considerations when searching for a pub operators are taking advantage of the low
15
On Market Issue 16/01 fleurets.comInvestments
Long lease terms lure investors
Graeme Bunn
Managing Director
The Public House investment market has
historically been the Cinderella of the
wider commercial property investment
market with fewer transactions. However,
the growth of leasehold estates on long,
institutionally acceptable terms and
the increasing appetite of operators to
undertake sale and leaseback transactions
has seen the pub investment sector become
“
a key and active component of the market. Also in January 2016 TDR Capital Strong appetite from a
Critically, investors are attracted to the completed a swift sale & leaseback from
sector by the often long unexpired lease the newly acquired Tattershall Castle Estate.
range of investors including
terms available, many of which provide The three pubs located in prime central major pension funds and
for index linked rental growth. This has
been evidenced by much of the recent
London locations was offered subject to
new 25 year leases with five yearly capped
property companies is set
“
transactional activity. and collared RPI reviews of 1% & 3% to the to continue
Stonegate Pub Company Ltd. The pubs, St
“
The trend of strong appetite from a range
The pub investment James Tavern - Piccadilly Circus, Admiral
of investors including major pension funds
Duncan - Old Compton Street, and the
sector has become a key and and property companies is set to continue
active component of
“ Duke of Wellington - Wardour Street were
sold to CBRE Investors at a reported net
throughout 2016, regardless of the
uncertainty created by the wider political
the market initial yield of 3.5%.
events in the UK, EU and beyond.
In January 2016 Marstons completed In March 2015 OLIM Property Ltd acquired
the latest of a series of “income strip” seven freehold pubs let to Stonegate
transactions on a seven-strong package Pub Company or its subsidiaries for £9.7
of new build pubs for £25.32m with Legal million equating to a net initial yield of
& General, representing a net initial yield 7.53%. In May 2015 Blackstone sold three
of 4.15%. The pubs are located across the separate portfolios of central London pubs,
north of England and the Midlands, and comprising 23 pubs, for £51.8m. All pubs
include new build sites in Chepstow, Telford, were let to Enterprise Inns until 2046.
Chesterfield and Middlesbrough. Perhaps 7 pubs were sold to LaSalle Investment
most interesting is the movement in yield Management for £17.3m, reflecting 4.1%
across the various transactions which has net yield. 8 pubs were sold to Harmsworth
seen the yield harden from 5.6% in 2012 Pension Fund Trustees for £17.4m,
when the first transaction was completed, reflecting 4.4% net yield, and a further
to 4.6% in 2014 when the third deal was 8 pubs were sold to a private individual
completed to 4.15% in the most recent sale. client for £17.6m. All of these transactions
contained RPI linked rent reviews.
16
On Market Issue 16/01 fleurets.comInvestments
Agent Details
London
Graeme Bunn
Managing Director
T 020 7280 4700
M 07776 208085
E graeme.bunn@fleurets.com
Blackpool, Lancashire
£1,200,000 - Freehold
James Davies Seafront hotel. 62 en-suite rooms. £70k rental
Director including dining (148). 4 bed accom. Car park.
T 020 7280 4711 North West: NW-214660 EPC-C
M 07990 573176
E james.davies@fleurets.com
LD
SO
Ed Sandall
Divisional Director
T 020 7280 4700
M 07786 193 772
E ed.sandall@fleurets.com
Chepstow, Monmouthshire Southport, Merseyside
North West £1,000,000 - Freehold £650,000 – Freehold
Extensive character public house with 11 letting Prominent, substantial high street building, located in the heart of Southport. Ground floor unit rental
Lesley Watmough rooms. Long unexpired lease term without break. income is £60,000 p.a. First & second floors currently to let. Total GIA approximately 17,215 sq ft.
Divisional Director London Ref: LH-52742 EPC-TBC North West Ref: NW-415977 EPC-E
T 0161 683 5445
M 07887 504694 LD
E lesley.watmough@fleurets.com SO
Ian Taylor
Associate
T 0161 683 5445
M 07795 842492
E ian.taylor@fleurets.com Reading, Berkshire
£575,000 - Freehold
Town centre freehold investment with 3/4
North bedroom accommodation.
London Ref: LS-520352 EPC-E
Simon Hall
Director & Head of Agency
T 0113 234 0304
M 07867 528102
E simon.hall@fleurets.com
Midlands
Andy Tudor
Divisional Director Brighton, East Sussex Sandbach, Cheshire
T 0121 236 5252 Property Swap Invited – Freehold £350,000 - Freehold
M 07880 702166 Villa on the south coast of Spain. Master suite & 4 Investment in town centre location. Refurbished restaurant/wine bar with approximately 78 covers.
E andy.tudor@fleurets.com en-suite rooms with jacuzzi, pool & waterfalls. Rental income £30k. Patio area to the front & rear.
South Ref: S-514573 EPC-TBC North West Ref: NW-618502 EPC-TBC
West & South Wales
LD
SO
LD
Chris Irving
SO
Divisional Director
T 0117 923 8090
M 07818 412762
E chris.irving@fleurets.com
South Mortlake, Surrey
Offers Invited - Freehold
Nick Earee Well presented open plan bar/restaurant with a
Divisional Director passing rent £39,000 p.a. Beer and cider tie.
T 01273 429500 London Ref: LS-520189 EPC-TBC
M 07836 541790
E nick.earee@fleurets.com
East Anglia
Simon Jackaman
Divisional Director
T 01223 402600
M 07775 516674
E simon.jackaman@fleurets.com Rugby, Warwickshire Finsbury Park, London
£1,350,000 - Freehold £2,175,000 - Freehold
Restaurant with residential investment, prime Well located property situated equidistant between Finsbury Park and Crouch Hill Railway Stations. Five
location on Rugby’s leisure circuit. self-contained 1 bedroom flats with separate access.
Midlands Ref: M-112252A EPC-C London Ref: ES GB EPC-TBC
17
On Market Issue 16/01 fleurets.comHotels
High Expectations
Will Thomas Growing demand for regional stock is in turn further yield compression, alternatively
Senior Associate
applying downward pressure on property seeking to dispose of hotels with inflated
yields and increasing hotel pricing, alongside price expectations. It is certainly the
which is the ongoing strengthening of case that the market has improved,
regional hotels performance, benefitting performance is growing and values have
sellers at the expense of buyers. generally increased, however, the key to
achieving a sale at the right price in the
Key performance statistics (supplied by optimum timeframe is proper pricing at
A late flurry of activity in 2015 has meant STR Global Limited) for Greater London the outset. Whilst it is human nature to
transaction volumes within the hotel sector suggested that hotel occupancy has seek to make the most of an opportunity,
exceeded both 2014’s post recession declined and although room rate has shown excessive pricing typically leads to a
peak and also the levels achieved in 2006. improvement, RevPar growth has slowed. prolonged marketing period, potentially a
Activity in the regions has dominated Conversely, the statistics reflect a strong stagnated marketing process and alienating
the market, with portfolio activity leading regional hotel performance, occupancy prospective purchasers.
the way. Overseas buyers have been having improved substantially over the last
key participants, particularly US private few years, room rates and RevPar showing Unfortunately, the current market
equity and Asia Pacific and Middle Eastern above inflationary growth. conditions can readily be used by agents to
investors. A shortage of Central London secure sales instructions by providing sellers
stock, combined with high pricing means This renewed strength and confidence in with price guidance they want to hear rather
that buyer activity is likely to be displaced, the regional market has led to some hotel than what they should hear.
increasing the focus on the regions further. owners hoarding assets in anticipation of
Rolling 12 Months
Regional UK
Jan-14 Jan-15 Dec-15
Occupancy 72.7% 75.3% 75.9%
ADR £60.27 £64.22 £67.19
RevPAR £43.83 £48.38 £51.00
% Change on Previous Year
Occupancy 4.2% 3.6% 1.1%
ADR 1.9% 6.6% 5.0%
RevPAR 6.1% 10.4% 6.1%
Rolling 12 Months
Greater London
Jan-14 Jan-15 Dec-15
Occupancy 82.7% 83.0% 82.2%
ADR £137.02 £140.61 £143.95
RevPAR £113.31 £116.74 £118.27
% Change on Previous Year
Occupancy 2.9% 0.4% (-1.0%)
ADR (-1.7%) 2.6% 2.5%
RevPAR 1.2% 3.0% 1.5%
Source: STR Global Limited
18
On Market Issue 16/01 fleurets.comHotels
London & South
C
Agent Details ST
LD
SO
Paul Hardwick
Director & Head of Hotels
T 020 7280 4749
M 07748 988568
E paul.hardwick@fleurets.com Forest Row, East Sussex
£1,850,000 - Freehold
19 letting rooms, bar & restaurant. Popular
Will Thomas roadside inn in central village location.
Senior Associate South Ref: S-515127 EPC-D
T 01273 429500
M 07879 497363
E will.thomas@fleurets.com
Soho, London Alderney, Channel Islands
£3,800,000 - Leasehold £1,465,000 - Freehold
Stunning central London boutique hotel opportunity. 17 beds/suites. 50 cover restaurant and outside 14 en-suite rooms. Café/restaurant & additional
seating. Prominent corner position. 50 metres from Leicester Square. bar area. 5 tier sun terrace.
London Ref: LH-52814 EPC-D South Ref: S-514576 EPC-N/A
Lyndhurst, Hampshire Lewes, East Sussex
Offers Invited - Freehold £2,000,000 - Freehold
Unique opportunity in the New Forest National Park. 8 en-suite rooms and 5 flats. Planning for 3 High profile county town centre hotel. 19 en-suite rooms. Extensive food and beverage trade areas.
additional letting rooms. Leisure facilities including pool. Circa 12 acres. Additional function room on first floor.
South Ref: S-514586 EPC-TBC South Ref: S-414403 EPC-N/A
C
ST
LD
SO
Eastbourne, East Sussex Lyndhurst, Hampshire
£2,000,000 - Freehold £1,300,000 - Freehold
Well established 62 bed hotel. Presented to a high standard. Dining room with circa 120 covers. Genuine Well established business with strong EBITDA. 19 en-suite rooms with separate bar & restaurant.
retirement sale. Car parking & gardens to the front.
South Ref: S-313736 EPC-C South Ref: S-514707 EPC-B
19
On Market Issue 16/01 fleurets.comHotels
Brighton, East Sussex Brighton, East Sussex
£1,250,000 - Freehold £1,200,000 - Freehold
13 en-suite rooms. Near seafront. Owner’s studio Stylish boutique guest house. 14 en-suite rooms.
flat. T/O y/e June 2015 £272,854. Ideal for investor buyer.
South Ref: S-514976 EPC-N/A South Ref: S-615310 EPC-C
C
ST
LD
SO
Eastbourne, East Sussex Ventnor, Isle of Wight Polegate, East Sussex
£300,000 - Leasehold £1,000,000 - Freehold £1,000,000 - Freehold
10 bed guest house, 2 separate cottages (1x2 bed & 1x4 bed), tea gardens. Centrally located on seafront 28 en-suite rooms. Restaurant (50) and bar. 7 en-suite rooms. 2 Rosette restaurant.
in popular resort. Attractive lifestyle business. Terrace with seating for 60. Owner’s accommodation and car park.
South Ref: S-515140 EPC-N/A South Ref: S-514923 EPC-C South Ref: S-515158 EPC-D
C
ST LD
LD SO
SO
Shanklin, Isle of Wight Eastbourne, East Sussex Brighton, East Sussex Shanklin, Isle of Wight
£650,000 - Freehold OIEO £795,000 - Freehold £795,000 - Freehold £170,000 - Leasehold
32 en-suite rooms. Restaurant (62), bar & car park. Well presented with 10 en-suite rooms. Two bed 11 bed guest house near to seafront. Strong well 30 en-suite rooms. Restaurant, bar, indoor pool &
Retirement sale. owner’s accommodation & car parking. established business. leisure facilities.
South Ref: S-414297 EPC-D South Ref: S-79077 EPC-C South Ref: S-515233 EPC-N/A South Ref: S-514613 EPC-C
East Anglia
Agent Details
Bob Whittle
Director
T 01223 402600
M 07836 680490
Norfolk
E bob.whittle@fleurets.com £925,000 - Virtual Freehold
3 star guest accom. 45 en-suite bedrooms,
lounge bar, 2 dining rooms & swimming pool.
East Anglia Ref: E-414204 EPC-C
C
ST
LD
SO
Norfolk Stowmarket, Suffolk
£685,000 - Freehold £975,000 - Freehold
On behalf of mortgagee in possession. 40 Established AA 3 star commercial hotel. 26 bedrooms, lounge bar, restaurant, function room, self-
bedrooms, 2 bars, functions & restaurant. contained management flat, garden & car park. 1.43 acres.
East Anglia Ref: E-514649 EPC-N/A East Anglia Ref: E-514402 EPC-D
Downham Market, Norfolk Chatteris, Cambridgeshire Skegness, Lincolnshire
£545,000 - Freehold £525,000 - Freehold £350,000 - Freehold
12 bedrooms, bar & restaurant/function room. 12 bedrooms, bar, restaurant, residents’ lounge, Close to town centre and seafront. 7 en-suite
Established business. Retirement sale. function room, buffet room & 4 bed house. letting bedrooms.
East Anglia Ref: E-514889 EPC-N/A East Anglia Ref: E-413909 EPC-N/A East Anglia Ref: E-514870 EPC-E
20
On Market Issue 16/01 fleurets.comHotels
Chapel Hill, Lincolnshire Norfolk Harringworth, Northamptonshire
£329,950 - Freehold £295,000 - Freehold Nil Premium - Leasehold
UNDER OFFER
Charming B&B, restaurant & bar. 8 B&B letting 4 star guest house. 8 en-suite letting bedrooms. 8 letting rooms situated in stunning Welland
rooms. Resident’s lounge & 20 cover breakfast room. Valley. Good local and visiting trade.
East Anglia Ref: E-514952 EPC-D East Anglia Ref: E-515043 EPC-C East Anglia Ref. E-615135 EPC-N/A
North West
Agent Details
Lesley Watmough
Divisional Director
T 0161 683 5445
M 07887 504694
E lesley.watmough@fleurets.com
Bolton, Lancashire
£1,800,000 - Freehold
Bar, bistro & function room. T/O circa £900k.
Approximately 40 rooms, not in use.
North West Ref: NW-416514 EPC-TBC
South Lakes, Cumbria Llangollen, Denbighshire
£1,390,000 - Freehold £1,100,000 - Freehold
Established 27 bed hotel & restaurant. Excellent 32 en-suite hotel in town centre & riverside location. 55 cover restaurant, bar (40), 2 bed private
trade. Retirement sale. 3 bed accommodation. accommodation & car park. Proven accounts.
North West Ref: NW-618523 EPC-D
North West Ref: NW-517995 EPC-C
Warrington, Cheshire Blackpool, Lancashire
£1,000,000 - Freehold £975,000 - Freehold
25 bed hotel & restaurant, circa 110 covers. 3 North Shore Promenade, 42 bed hotel, heated
function suites. Established trade. pool & proven profits.
North West Ref: NW-315718 EPC-C North West Ref: NW-518377 EPC-C
Appleby-in-Westmorland, Cumbria Portmadog, Gwynedd Blackpool, Lancashire
£995,000 - Freehold £875,000 - Freehold £799,000 - Freehold
Grade II listed 21 bed hotel. 3 star Visit England assessed. Mews café & wine shop. 2 private flats at Profitable bed & breakfast. Lifestyle business. 13 Dining room circa 80 covers. 40 beds, lounge bar,
£150,000 each. Lounge, reception, bar, restaurant & car park. en-suite rooms. Approximately £120k net profit. TV lounge/games area & 2 bed flat.
North West Ref: NW-416184 EPC-C North West Ref: NW-517921 EPC-E North West Ref: NW-3167 EPC-C
Faugh, Cumbria Carnforth, Lancashire Llandudno, Conwy Llandudno, Conwy
£765,000 - Freehold £750,000 - Freehold £750,000 - Virtual Freehold £670,000 - Virtual Freehold
Historic country inn/restaurant, 11 letting rooms, 3 Award-winning refurbed country inn & Fully refurbished 20-bed en-suite hotel, 3 bed flat. 24-bed en-suite prom hotel, t/a B&B. Proven
bed accommodation, lifestyle business. smokehouse. 7 luxury rooms & 2 bed accom. Established turnover. profits. 1 bed accommodation. Grade II listed.
North West Ref: NW-416826 EPC-C North West Ref: NW-517307 EPC-F North West Ref: NW-518317 EPC-C North West Ref: NW-518229 EPC-N/A
21
On Market Issue 16/01 fleurets.comYou can also read
