During the Conservative Party Conference, Business Minister Matthew Hancock MP launched an independent review into the “sharing economy”, which could spell good news for bed and breakfast establishments in the UK.
As far as the B&B industry is concerned, the sharing economy relates to spare room websites such as Airbnb and OneFineStay, which do not currently adhere to the strict regulations enforced upon traditional bed and breakfasts.
The review is designed to:
- Explore the potential benefits of the sharing economy and any risks it may pose
- Investigate the main regulatory and policy issues from the perspective of consumers, sharing economy businesses and other established businesses
Bed and Breakfast Association response
The Bed and Breakfast Association has already contacted the review team and is to provide evidence of what it describes as the regulatory failures in our sector that have led to the current two-tier, anti-competitive situation that so many of our members are suffering from.
While some B&Bs have been the victims of over regulation and petty decision making, sharing economy accommodation providers are not currently inspected. The associations ultimate aim is to ensure that sensible and proportionate regulation is in place and that legislation is applied fairly and consistently. This is good news for established B&B owners as well as up-and-coming guest houses.
Finding the right B&B mortgage
Legislation is just one of the issues facing guest house owners, and one of the other main challenges is finance. If you are thinking about establishing a B&B, you may wish to consider taking out a specialist B&B loan. It can be costly to set up and run your business, particularly if you need to make alterations in order to comply with current legislation. A B&B mortgage could give you the capital you need to buy, renovate or run your business.
Stewart Hindley & Partners are experts when it comes to B&B mortgages. We will give you tailored financial advice to help you get access the funds you need and to spend them in the most effective way possible for your business.