Buying a Hotel or Guesthouse
The purchase of a Hotel or Guesthouse in Blackpool and the Fylde Coast can
be a very trying and time consuming exercise.
The majority of enquirers looking
at Blackpool are purchasing for the first time. We have set out below a number
of pointers that will require consideration to assist you in making your choice
and finding your future.
If you are considering Blackpool for the first time we would advise an initial
scouting mission to gain a picture of the different properties, area and prices,
prior to making appointments to view.
It is commonly considered that a first time venture to produce a full
time income will require a minimum of ten letting bedrooms, especially if full
funding is required to complete the purchase. A size below ten will necessitate
an additional income or be on a semi-retirement basis or cash purchase.
Blackpool covers 7 miles of the Fylde Coast
including a number of differing properties and areas all popular within the marketplace
for various reasons. e.g: semi-residential, busy, quiet, close to railway station,
Blackpool is very much an all year round
resort although the majority of Hotel and Guesthouses only operate during the
season by choice.
Arrangement of finance is subject to sight of business accounts. Profit and Loss
accounts will be made available for inspection on the majority of properties
once a viewing has taken place.
Survey and Valuations are a necessity. If finance is required to purchase the
property then lending institutions have their own panel of valuers and will instruct
us as and when necessary.
Prices quoted, unless otherwise stated, include the property, goodwill, furniture
The majority of finance is provided by the High Street Banks to an average level
of 50% and up to 60% as a maximum subject to survey, accounts, experience etc.
Advice can be made available on request. Empty or non-trading properties will
not generally qualify for finance.
If you are purchasing a hotel with a license then the license will need to be
transferred. From February 2005 stricter measures will come into force which
will require purchasers to be in possession of a B11 certificate (successful
completion of a Licensing course) and also to be personally licensed within their
home town. Courses for the National Licensees Certificate can be taken at most
Colleges of Further Education and in particular at the Blackpool & Fylde
College (Tel No: 01253 352352 - extension 4151). More details will be available
from your local authority.