New owners at Ellinbrook Guest House – Hunstanton

Richard and Nicola had been letting out Daisy’s Cottage in Wells next the Sea and decided that they wanted to take their letting to the next level so started to search for a suitable bed and breakfast property in Norfolk.

They found Ellinbrook House in the popular coastal town of Hunstanton. It wasn’t until they started to look at funding options they decided that the best course of action was to engage a specialist broker to help them secure the best possible deal given their personal circumstances. Richard contacted us here at Stewart Hindley & Partners and the journey began in earnest.

We liaised with a number of lenders, not all of whom were interested in funding the deal, however we did manage to secure them the required amount of funding to enable them to purchase their new venture. To help minimise the lenders risk Nicola will continue to work in her current employment on a work from home basis and will be on hand to help Richard with changeovers and busy periods.

The lenders see a background income as reducing their lending risk but it is not taken into account when looking at the lending requirements, the business must be able to support the debt service or at least have the potential to do so. You should always bear this in mind when you are looking to buy a B&B.

Even though Richard and Nicola had been letting out their holiday cottage for a number of years they were still considered as “New to Trade” by all the lenders. It has taken a bit longer than initially assumed but they have now finalised the lending and will be open for business from September 2019. So, if you want to have a relaxing stay on the Norfolk coast why not check them out at Ellinbrook House

What Richard & Nicola say about Stewart Hindley & Partners……

When the opportunity came up to purchase Ellinbrook House we knew we would need assistance from a specialist broker to help secure the funding we would require. We spoke to a couple of firms but were struck with how professional Chris was and how well he explained the whole process to us.

Despite a couple of setbacks along the way Chris and Carol worked tirelessly to secure us the funding required, I don’t think there would have been any way for us to have secured it without Chris and Carol’s help. We are now up and running and loving it!

Thanks for all your help, Richard & Nicola

Ellinbrook House 

Love Whisky? You will love The Gables B&B

Bed & Breakfast for the Whisky Lover!

Our clients Siebette and Anne-Jan contacted us in May 2018 to ask about hospitality finance as they were looking at moving from Holland to Scotland to fulfill their dream of owning and operating a whisky themed bed and breakfast.  Both of them have an in depth knowledge of the Whisky industry and have their own impressive collection from which they offer tasting sessions!

After much searching they found The Gables in Dufftown a perfect location as it is on the famous Whisky Trail.  The Gables was an established bed and breakfast but was traded very much to suit the owners so there was no focused effort on the trade which meant limited accounts and made the deal just that little bit more challenging.  We were able to position the deal showing realistic and achievable projections for when Siebette and Anne-Jan took over.

The process of the loan application went through fairly seamlessly, however, there were some issues during the legal work stage and these have caused some major delays.  The loan was offered in September and instead of being able to complete and move in at the beginning of December, which would have timed well with their house sale and move from The Netherlands, they have had to wait until February 2019 for the legal paperwork to be sorted out.  This obviously caused some major stress not least because they were moving country as well (as home) and they were also ready to go with a new website and links to the distilleries in the area – it seemed it was all systems go!  It was a very frustrating time.  Stewart Hindley & Partners tried to assist them by continuing to engage with the lender and suggesting ways that things could move forward.  Eventually the dream came true and they became the owners of The Gables on 30 April 2019!

To cut a long story short, they are now trading well and offer their guests themed packages such as:-

  • Whisky & Chocolate
  • Whisky & Cigars
  • Whisky & Cheese
  • Don’t Drink & Drive Whisky Tours

In addition to the Whisky there are a host of other things to do in the area, Walking, Skiing, Fishing and Golf to name a few.  Why not visit their website to find out more….

https://www.thegablesbb.co.uk/

https://www.facebook.com/thegableswhiskybb/

What Siebette and Anne Jan say about Stewart Hindley & Partners…

It has been our dream for years to run a whisky themed B&B in Speyside/Moray. All though we did a lot of research ourselves and developed the outline of a business plan, it was difficult for us – being Dutch and without experience in starting a hospitality business – to come up with the necessary figures and obtain funding. We almost give up on our dream when we heard of Stewart Hindley and contacted them. They reviewed our ideas and financial situation and advised our dream was possible. They helped us with our business plan and knew which lenders to approach. They supported us at every step in the process, both with their extensive expertise and – equally important – mental support. We could trouble them with any question we had, answers were always provided quickly and in a way we exactly understood what was going on. After obtaining the commercial mortgage there were problems in the conveyancing of the property we had set our eyes on. All though beyond the scope of their service Stewart Hindley kept in touch with us and relevant parties, they did everything they could to help us to get this sorted. And in the end, all came right and we are now the proud owners of The Gables Whisky B&B. Carol, thank you so much for everything, we could not have realised our dream without you!

Kind regards,

Anne Jan & Siebette