Category Archives: Case Studies

Arden House

Arden House – Kingussie Scotland

It had been a long held dream of Janet & Graham to run their own bed and breakfast.  In preparation and to find out as much information as possible they signed up and attended a “How to Run a Bed and Breakfast” course run by Karen Thorne in Shropshire in the summer of 2017.

Finding out what was involved was extremely helpful and spurred them onto fulfilling their dream.  The course helped them to focus on the location and type of B&B they wanted to run.  Following the course, they joined a Facebook group for course attendees and this gave them the opportunity to meet up with a couple who have run a B&B for a number of years near to Kingussie (the area they wanted to buy in).

The property they decided to purchase was Arden House which is a lovely Highland villa style property in the attractive and popular town of Kingussie in the foothills of the Cairngorms and Monadhliath Mountain ranges.  The property has a total of 8 bedrooms; 5 en-suite letting rooms plus owner’s accommodation.

Stewart Hindley & Partners wrote and submitted a comprehensive loan proposal to two lenders who showed interest in funding the property.  The property had been successfully traded for a number of years and even though the owners wanted to retire and move closer to family they were still trading as much as possible providing a good level of turnover and profit for the business.  This really helps to show sustainable trade and if/where there may be opportunities to improve the trade going forward.

The chosen lender was not always the quickest to respond so the case did take a little longer than hoped for but as with most things the best things are worth waiting for!  Janet and Graham have now completed on the purchase and moved into Arden House on 8 March 2018.

What Janet & Graham say…

We tried initially to secure a business mortgage for Arden House ourselves but this was unsuccessful.  Not to be deterred, we recalled how on Karen’s course she had recommended going with a broker and had suggested Steward Hindley.  Following an initial email, Mike, our broker helped us to revise our business plan and put us in touch with potential lenders.  As we were new to the whole process of purchasing a B&B, the help and support given by Mike was invaluable and we managed to secure funding.  We believe that without Stewart Hindley we would never have secured the funding we needed and can’t thank Mike enough.  It still feels unreal that we now actually own Arden House and have given up the 9-5.

http://www.arden-house.info/

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Beaufort House – Loch Ness Views

Glenn and Samantha came to us originally to purchase a different B&B in the region of Lochinver but they were unable to come to an agreement with the vendor so they looked for another opportunity and widened their search area.

Fort Augustus is a lovely small town more or less half way between Fort William and Inverness and is where Loch Ness, the Caledonian Canal and the River Oich meet.  It is a popular place for tourists to watch the many boats go through the canal locks as well as visiting local film locations.  The Great Glen Way passes through the town which makes it a popular destination for walkers.  A property that used to trade as a B&B but was now closed was on the market and was the ideal property for Glenn and Samantha with great views across the town and Loch.  After viewing the property, they could see the potential and spoke to us about a projection led debt application.

It is always easier to secure debt on a trading concern but due to the location and condition of this property it was definitely worth pursuing.  We spoke to some lenders to gauge their interest and found one who was fully supportive so it was full steam ahead with the application.

Glenn and Samantha were new to trade but were fully committed to their new change of lifestyle.  As Stewart Hindley & Partners are specialists in new to trade operators we were able to present a comprehensive application to the lender which we are glad to say was successful.

The only hiccup in the process was the fact that the property did not appear to be registered with the local council as a commercial property (something to bear in mind when looking at commercial property!), this was raised in the commercial valuation report and needed to be addressed by Glenn and Samantha.  Change of use was applied for and they completed on their purchase at the end of September.

Since completion Glenn and Samantha have worked hard refurbishing the rooms and now provide comfortable, modern accommodation for their guests.  Beaufort House is now open for business and is ready to welcome you.

www.beauforthouse.co.uk

What Glenn & Samantha say..

Making the decision to give up the regular ‘9 to 5’ life in Leicestershire was the fun part – starting to wade through the extensive information and processes to make buying a B&B a reality; not so fun!

Thankfully we discovered Stewart Hindley & Partners and from there on the journey was, quite honestly, a very positive and confident one. There are few organisations who successfully combine high professional standards with sincere empathy and personality – we experienced both working with Chris and Carol; both of whom were always at the end of the phone any time to advise us, answer any questions and guide us through this process.

If you are planning to go down the route of purchasing a B&B we absolutely recommend Stewart Hindley & Partners all the way – you can’t go wrong with them! 

Samantha & Glenn

Beaufort House Bed & Breakfast, Fort Augustus

cruachan lodge 2

NC500 Bed & Breakfast

Edwin & Irma had many holidays in Scotland and when they decided to change their lives they chose to move from their home in the Netherlands to Stoer on the North West Coast of Scotland.

It was a big decision for them to make and they wanted to know they were making the right choice so they did a lot of local research on the area and trade in and around The Highlands and eventually found their dream property in Cruachan Lodge in Stoer, which sits directly on the fantastic North Coast 500 route and close to the town of Lochinver.

Whilst all this was happening they were also looking at their finance options and came to the conclusion that they would need help from an experienced broker.  They chose us here at Stewart Hindley & Partners to work with them and to source the best deal available for their circumstances.

We worked with Edwin & Irma for a few months looking at various property details and their accounts and gave them an unbiased opinion on their finance options.  There were lots of emails back and forth and Edwin & Irma came over to Scotland in November 2017 and viewed a number of properties, eventually deciding on Cruachan Lodge which was a former manse and had a good historical trading history.

Once their offer was accepted on Cruachan Lodge we worked with both them and the vendors to get the deal done.  Due to Edwin & Irma’s location in The Netherlands the initial bank meeting was carried out using teleconferencing which enabled the bank to carry out their due diligence and submit the case to their credit team.  The deal was eventually approved (subject to valuation) and a commercial valuation was undertaken.  There were some details which needed to be addressed post valuation and having agreed the details completion was set for 1 March 2018.

Edwin & Irma have now moved into their new home and are looking forward to welcoming guests from Easter 2018.

Cruachan Lodge has been re-named to The Green Cruachan which reflects Edwin and Irma’s commitment to green, sustainable living.  They are offering a warm welcome, comfortable luxury accommodation and a healthy vegetarian breakfast to their guests and are looking forward to welcoming  guests.

What Edwin & Irma say:

“We would like to thank Stewart, Hindley & Partners, and especially Carol for all their time, the nice telephone calls, emails. They always gave us a quick reply if we had questions, they helped us with all the figures of the B&B’s we were looking at. It was lovely and supporting to have Carol with us during our call with the RBS, all the advice, their ideas about the properties. We felt that Stewart, Hindley & Partners were there for us, for our best interest. We really felt supported and loved.  The way of contact was Professional and personal.”

https://www.thegreencruachanstoer.com/

 

Channel View  - Weymouth

Weymouth Bed & Breakfast

Melaney first contacted us after attending a bed and breakfast course in 2016 as she wanted to buy a large guest house in Margate.  We submitted a proposal to the lender and the loan was approved subject to valuation. Melaney needed to sell her house in London and we advised her to put a hold on the valuation (so she didn’t waste the money) until she had a buyer in place for her property.

It took a few months for her to find a buyer and for the sale to go through, fast forward 12 months to October 2017…

Unfortunately, the concern in Margate didn’t wait for the house sale and was sold to another buyer, so Melaney re-evaluated her options and the area she was considering. She eventually settled on Weymouth in Dorset and found a lovely bed and breakfast for sale, Channel View, which offered a traditional style seaside property with a good trading history and good accounts (always a bonus). The property is located right next to Weymouth beach with fantastic sea views and offers accommodation over four floors with 7 guest rooms. The property is Grade II listed but had been maintained to a high standard and had benefited from having recently installed modern en-suites to all rooms.

Channel View was being sold as a leasehold property with the lease being owned by Weymouth Borough Council who own most of the seafront establishments in Weymouth. This ensures the atmosphere and style of the town is maintained. Leasehold bed and breakfasts are not easily funded however Channel View had a long lease which was viewed as a virtual freehold which meant that the lender was more disposed to consider it.

The loan submission and valuation went through without much delay and Melaney has now completed on her purchase and has started the exciting journey of running her own business. It took 18 months from idea to completion and it was definitely worth it.

http://www.channelviewweymouth.co.uk/

What Melaney says….

”I think fate played a hand in which business I purchased as I am so pleased I have ended up in Weymouth at Channel View. Carol and Chris have been a wonderful support throughout the process and their advice and knowledge of the market has been invaluable. I wouldn’t have been able to approach the bank or been successful on both occasions without their help and they have been a friendly voice through such a huge life changing project.”

The Old Bakery Exterior 3

A Warm Norfolk Welcome Awaits You

Jim & Theresa were living in Australia and decided it was time to return to the UK.  It had always been a dream of theirs to own a bed and breakfast and when they saw the Old Bakery in Pulham Market they decided to go for it!

The Old Bakery Pulham is situated in the popular Norfolk town of Pulham Market. Dating back to 1580, the property was once a bakery where those living in the village would queue every morning for their fresh bread. Today it still presents an abundance of original character, with exposed wall timbers, beautiful ceiling beams and inglenook fireplaces.

The Old Bakery had been traded very much to suit the owner’s lifestyle and as such the accounts were not showing the full potential of the business.  This was going to make it difficult to fund and Jim and Theresa decided to engage Stewart Hindley & Partners to find a suitable lender and competitive rates.  Mike Cox, one of the Partners here at Stewart Hindley & Partners, put the deal to a couple of lenders who he felt would be interested in the deal. Unfortunately one of them declined the deal so we proceeded with our alternative lender who had agreed to proceed.

We provided a complete loan proposal with realistic projections which showed the lender just how well the business would be doing going forward and how Jim & Theresa were intending to trade the concern in the future.

The loan was agreed subject to valuation, the next step was to arrange the commercial valuation.  The valuers were appointed and duly provided a report.  Unfortunately the property did not value as expected so Mike had to work with Jim, Theresa and the bank to agree a way forward.  There were also a few details which needed to be addressed in the property and, again, Mike was instrumental in getting these sorted.

Whilst going through the process Mike kept in close contact with Jim & Theresa and provided regular updates which could be challenging given the time difference between the UK and Australia.  He managed the clients’ and the bank’s expectations and made sure the momentum was kept up.

Jim & Theresa came back to the UK in January this year (2018) and have just completed on their purchase.  They are looking forward to receiving guests and growing their new business.

What Theresa & Jim say about us..

When we first saw The Old Bakery we fell in love with both the property and the village however it was more than we had initially wanted to spend. Having got the details about Stewart Hindley & Partners on a ‘how to run a bed and breakfast’ course we attended we thought we’d give them a go.

Throughout the process Mike was extremely helpful and kept us up to date with how things were progressing. You can imagine that being in Australia the time difference was sometimes a problem but even when we had to do phone conferences with the banks Mike managed it all perfectly even to the point of organising a conference call before hand in order to explain how it would proceed. We are very glad we came across Stewart Hindley and Partners as we are now living at The Old Bakery and have already welcomed our first guests.

Theresa & Jim

Visit The Old Bakery Website

Penvith Barns

Relax in Cornwall

Theresa and Andrew Nicholson wanted to make a career change from Sales and Marketing into hospitality and decided Cornwall was their preferred location.  After looking at a number of properties they decided that Penvith Barns, near Looe, was the perfect property for them.

As new to trade operators they realised they would require help to raise the finance for their purchase.  What seemed a straight forward case soon turned into a more complicated one as there were a number of unexpected issues with the property and the purchase overall.

Because we specialise in hospitality we understood the requirements of the lenders and the business going forward.  The team here at Stewart Hindley & Partners, working closely with Theresa and Andrew, were able to present an achievable business case to the lenders and assisted as intermediaries with the vendor to overcome the difficulties within the purchase.

Cutting a long story short, we successfully secured the required funding, at a competitive rate and enabled Theresa and Andrew to live their dream!

What Theresa & Andrew say about us:- 

With the benefit of experience in large corporations, as well as owner run entrepreneurial environments, nothing could have prepared us for the challenges we faced in raising finance in the right structure for the purchase of Penvith Barns.

The level of hurdles we experienced for our purchase, that we could not have got around without Chris, seemed insurmountable. However his guidance and partnership along every step of the journey was invaluable.

From helping us to interview potential lenders, let alone lining them up in the first place, to cancelling holiday plans as we got closer to exchange contracts, seemed all part of the service.

The joy of Stewart Hindley & Partners is enforced by the ability to help structure our business in the most efficient way to ease our structure as we develop the business and move forward with their knowledge and experience. 

Without Stewart Hindley and Partners our dream and lifestyle change simple would not have happened and we can’t thank them enough.

http://www.penvithbarns.co.uk/

Wyvern GH

Destination Bude Bed and Breakfast

Wyvern House Bed and Breakfast is located in the popular Cornish town of Bude and is just a few minutes walk from the beach and town centre.  The property offered 6 en-suite bedrooms and was spread over 3 floors, it was an ideal location for our clients, Paula & James, to set up their new bed and breakfast.

In the past Paula & James had owned and operated a bed and breakfast business so had plenty of experience on which to build their new venture in Bude.  Having found their perfect property they realised the benefits of using a specialist finance broker to source the necessary funds to purchase it.  Having contacted us at Stewart Hindley & Partners we worked with them to secure the best deal available to them and took them step by step through each stage.

All went well until there was a hiccup with their property sale which could have potentially ended the planned purchase.  Mike Cox was on hand to support Paula and James and to manage the lender and the vendor whilst the issues were resolved.  Without the help of a broker it would have been very difficult for Paula and James to:-

  • Secure debt at the required level
  • Secure a competitive interest rate
  • Manage all parties expectations

Due to the relationship and business volumes with the lenders Brokers can access some of the most competitive rates in the market.

After a short delay the deal was successful and everyone achieved their goal.  The vendor was able to move onto the next stage of their lives, the estate agent had a successful sale and most importantly our client was able to start their new business and welcoming their guests in the beautiful Cornish town of Bude!

Paula and James are now welcoming guests to Wyvern House and enjoying life in Cornwall so if you are looking for somewhere to stay in Bude check out the availability via their website:-

www.wyvernhouse.co.uk

What do Paula and James think about working with Stewart Hindley & Partners?

My husband and I were experienced business owners, and amongst others, had owned a B&B in the Cotswolds for almost 6 years.  We decided to sell the business, due to ill health in our immediate family in 2011.  After being away from B&B for some time, we realised that we really missed it, and really wanted to get back into the business again and fulfil our dream of moving to Cornwall.  

Unfortunately, between the time we had owned our business and when we were looking to buy again, the commercial loan market had changed dramatically.  We no longer had a business banking manager, that we had a developed relationship with, and we were dealing with call centre managers who didn’t know us or our experience and despite our extensive experience with banks, found the whole system incredibly time consuming, frustrating and incredibly difficult.

After finding a couple of properties we really wanted to look at, and having sorted out our finances and timescale for our move, we found Stewart Hindley & Partners.  We contacted them in April 2017, prior to even selling our property and Mike Cox was our main point of contact.  What a relief!  He immediately reassured us that our proposition was viable, especially with our previous experience and set about putting together proposals for us.  He very quickly secured us finance at 70% LTV and we picked up the keys to our new life on 1st September.  

We have continued trading since we moved in and are due to close at the end of October 2017 for refurbishment.  Mike also managed to secure interest only payments on our loan for 3 months to help us with cash flow for our refurb.  

Our experience with Mike throughout the whole thing was amazing.  He was professional, calm and dealt with everything.   It was truly worth every penny, as without them, we really don’t think it would’ve happened.  We didn’t have the time or the current financial market knowledge as to exactly what the banks were looking for, which put us on a real back foot.  We had a fantastic service, and I have since recommended him to other family members (most of our family are business owners) who have since retained his Stewart Hindley to secure finance for projects.

Thanks Mike, for everything!

Paula & James Lyons

Park View B&B

Park View B&B – Glen Coe on your doorstep

Johnny Buckland had been running the Park View B&B in Ballachulish for a few months as a leaseholder and the opportunity arose for him to purchase the freehold and make the property his own.

Johnny recognised the value in using a specialist Finance Broker and decided to contact us at Stewart Hindley & Partners.  After some initial discussions it was decided the best way forward was to release some equity he had in another property to help with the deposit for the purchase and to have a commercial mortgage for the rest of the purchase price.

We were able to recommend a residential broker who helped him with his equity release which enabled him to proceed with his commercial mortgage application.  During the process the vendor requested regular updates which we provided on a 2 – 4 week basis.

Park View B&B is located in the beautiful Glen Coe area of Scotland which is a stunning area for walkers, skiers and general sightseers. The B&B offers comfortable rooms at reasonable prices and Johnny has a wealth of hill walking and mountaineering experience he is keen to share with you.  He is happy to provide general safety advice or a range of walking routes to suit all abilities, staying at Park View gets you a little added value!

http://www.parkviewbnbscotland.co.uk/

Capri GH

Bed & Breakfast Dream Come True in Llandudno

Lee Scott returned to England with the ambition to own and operate his own guest house.  He found the perfect property in Llandudno, close to the Great Orme Railway and town centre so he made an offer and it was accepted.  The dream had begun to be a reality.

The business had been trading but, in the past year or so, the owners retired and ceased trading the concern.  They did, however, leave the guest house in a state where it could be traded almost straight away with just a few immediate updates to be done which was a bonus for Lee as he could more or less move in and start trading. 

Although there were some historic accounts for the business there were no recent figures.  This meant that the application would be mainly premised on projections, which is always a more challenging position from which to apply for a hospitality loan.  The fact the concern was in a popular holiday destination helped and with Stewart Hindley & Partners’ experience we were able to make a successful application on Lee’s behalf.  We supported Lee with his bank meeting and commercial valuation arrangements and made sure he was kept up to date on progress throughout the purchase.

 Lee has just taken possession of the Capri Guest House (May 2017) and is ready to welcome his guests.  If you want a seaside holiday in North Wales then I am sure you will receive a warm and friendly welcome at the Capri.  You can check out his rooms and rates at www.thecapriguesthouse.co.uk

“Stewart Hindley and Partners offered me a professional, helpful and reliable service, the service they offered was first class from start to finish. Stewart Hindley and Partners drew up a business plan and enabled me to secure a commercial mortgage for purchasing a Guesthouse and pursuing my goal in Llandudno North Wales. Further to the above I would highly recommend Stewart Hindley and Partners to any other small or large business wishing to obtain finances in said projects”

 Lee Scott – Proprietor, The Capri Guesthouse

Blenheim House B&B

Bed and Breakfast by the Seaside – Torquay

Torquay is famous for being the largest town on the “English Riviera” and a popular choice for thousands of visitors to Devon.

Lee and Elaine Ratcliffe had been looking in Devon and Somerset for the ideal bed and breakfast business for a few months and after a couple of disappointments finally found Blenheim House Bed and Breakfast.

Blenheim House had everything they were looking for: good location close to the seafront and train station, just been recently refurbished (so wouldn’t need a lot of money spending on it) and a manageable 5 guest rooms.

From the start of their search they were in touch with us at Stewart Hindley & Partners and we were able to provide them with a judgement on whether their application would be successful or not.  It was a pleasure to work with Lee & Elaine and to see their hopes and dreams come to fruition, they are now welcoming guests and starting to build the trade to its maximum.

If you are looking for a seaside break in the West Country then give them a call, you will be assured of a warm welcome.

What Elaine & Lee Ratcliffe say:

My husband and I came to a point in our lives when the children were leaving home and doing their own thing, so we decided to have a complete career change as well as a huge move from Manchester, where we lived all our lives and move to Devon to buy a B&B.  Something we had no past experience with and no clue on how to go about starting the process of getting finance for one.

We did a lot of research on different companies that deal with Commercial Mortgages and finance and came across Stewart Hindley and Partners.  

From the minute we made contact with them until we exchanged contracts for our new property, they were absolutely amazing.  Our case manager was Carol Jones.  Carol talked our language and made everything so clear to us.  From doing business plans, arranging finance with a well know high street bank, something we could never have done without her.  She even came along to the final meeting to complete the finance process. Carol and her team were always there to answer any questions we had and simply made what was such a stressful time in our lives, so much easier.  

We can honestly say, we would never have got through the past year without their help.  They are truly an amazing team.  We are now living happily in our new B&B called Blenheim house in Torquay Devon and we have made a new friend in Carol who we thank so much.  

http://www.blenheimhousetorquay.co.uk/