Hotels specialists at Colliers International in Bristol have drawn up a handy road map to help steer would-be landlords and hoteliers to the country retreat of their dreams.
Bristol-based hospitality specialist, Simon Wells said: “During the last recession many people – some of them with hefty redundancy payouts sitting in their bank accounts – decided the time was right to try and make a living in the hospitality business.
“The trend is returning with people seeking new ways of securing an income for themselves and their family, or simply following their dreams.”
He urged would-be landlords and hoteliers to obtain advice from good brokers or financial advisers at an early stage to avoid disappointment.
Simon Wells said: “There aren’t as many pubs and hotel businesses on the market as you might think and for an ever growing pool of people searching for new career opportunities, running their own bar or B&B is a great option.
“We are encouraging buyers to do their homework though as it is tough to raise a mortgage to buy the hotel of your dreams – but it can be done.
“In the current economic environment there is a healthy market for hotels which are well-presented and in good locations, and with a profitable bottom line a buyer can still borrow 65 per cent of the purchase price.”
“It is absolutely essential the buyer seeks good mortgage advice which should include help with preparing CVs and a business plan. We can provide full details of the pub or hotel’s business performance to get you over the line. It is a collaboration not a competition.”
If you want a copy of the Road Map then you can download it from the website, www.colliers.com/uk. And you can follow Simon on Twitter on @SimonWells4 for more insight into the market.
