When starting a new venture it is always a good idea to get as much information on the area in which you choose to go into. You probably think that running a B&B or Guest House is fairly straightforward and on the whole it is, however, it is not just cook a breakfast and change some beds.
Continue reading “Did You Know You Can Attend a B&B Course?”
Jamie Rollo – UK hotel, pub and restaurant data shows trading has accelerated post-Brexit
Morgan Stanley analyst Jamie Rollo has revealed data from July and August for the UK hotel, pub and restaurant, and travel industries has shown trading has not only held up post the Brexit vote but even accelerated. He said: “The results are in. Industry data just out for July and August covering hotels, pub/restaurants and package holidays support numerous trading updates from listed and private companies, as well as some of the recent economic data – domestic UK leisure spending has not only been stable since the Brexit referendum, but has actually improved.
Continue reading “UK Hotel, Pub & Restaurant Data Shows Trading Has Accelerated Post Brexit”
Whether rain or shine, we love the seaside and in the UK, we’re fortunate to possess some real gems; the kinds of charming, stunning and exciting spots that attract scores of holidaymakers to B&Bs and guest houses by the coast.
We asked you what your favourite British seaside destinations were and here are your answers:
Source: How to Buy and Manage Your Own Hotel (ISBN: 978-1-910158-22-7)
So you think you want to own a hotel, where do you start? Initially you need to decide what type of hotel you want. Should it be located in the countryside or within a town? You need to be able to be interested in and connect with your surroundings, there is no point in buying a hotel that is located in an area where water sports (for example) are the main interest of the clientele if you have no interest in or knowledge of what people enjoy about the sports and local area.
Before you take the plunge – Ten Points to Consider
(Source: How to Buy & Manage Your Own Hotel – ISBN: 978-1-910158-22-7)
Many people when thinking of retirement decide to operate their business at a reduced level before selling it. This is not something we would recommend if you want to get the best price for your business. When valuing a business the valuers and lenders will look at the last three years of trading accounts and if turnover has been reducing it represents a business in decline rather than a viable concern. Valuers and lenders will consider the bricks and mortar value of the concern and then add on the value of the business to come to a market valuation.
If you can continue to trade your business to its potential you will achieve the best possible valuation for it which in turn gives you the best chance of achieving your guide price. We have had several cases where clients have been wanting to buy a concern but have had difficulty in raising the finance due to the trading figures, lenders are aware that a lot of people deliberately trade under the VAT threshold and will take this into consideration when looking at borderline deals.
If you are thinking of selling your business please call us to discuss how we can help you. We can in some instances arrange a line of credit for your potential purchasers.
In this article, leading hospitality finance advisors, Stewart Hindley & Partners have put together a checklist of signs that your business would benefit from seeking professional finance advice.
Continue reading “Seven Signs it’s time for small hospitality businesses to seek financial advice”
Residential mortgages are not available for purchasing a business which means; if you are looking to purchase a property to run as a hospitality business you will need a commercial mortgage.
Continue reading “Finding your way around commercial mortgages for hotels, pubs and b&bs”
Some guesthouse owners start out full of enthusiasm and optimism, but struggle when they find that their bills are higher than they expected, that the working hours are longer than expected and that key aspects of health and safety policy have been overlooked. Whether you are running a guesthouse or a large hotel, focusing on business planning should be your first consideration.
Running a B&B can be hard work, with early mornings and never-ending piles of washing to deal with. They key is to prepare well before you set the wheels in motion in order to save yourself time, money and energy. With the proper care and attention, running a B&B can be satisfying, profitable and a great life style choice.
