On the market for some time, we saw the potential in the location along with the opportunity to expand the business and negotiated a discounted price on a deferred completion basis. This gave us up to 12 months to prove the potential in the business before arranging the finance required to complete the purchase.
Operating with six rooms at the time we took over but with potential to add three more which were previously owners accommodation, we increased the business by over 300% over the first six months. This was done by identifying existing obstacles to business and adding additional marketing ideas. The additional three rooms will come on line later this year which will result in a further significant jump in revenue.
Our plans for the future include adding up to 5 additional rooms by building on the large rear yard area which our architect thinks would be acceptable to the local planning authority. We currently plan to keep the property and operate it to generate significant cash flow. We will be looking for partners to get involved in this development either on an equity or a fixed return loan basis. Interested parties should get in touch.