Profitable & Charming Townhouse B&B In Tewkesbury For Sale

Business description

Lovely and charming 8 room B&B with adjoining 3 bedroom owner’s cottage as a separate purchase.

Situated directly across from the famous Tewkesbury Abbey

Busy year round with business and leisure guests

Turnover of approximately 120k -140k per year

Property information

Property:

Freehold

Living accommodation:

For the right person or couple the hotel has a back office and bathroom which can be used for accomodation. We did this for the first 18 months of ownership to keep costs down. Taking this approach would keep the price of the purchase and necessary downpayment within many more potential purchasers budget. A separate cottage whose rear entrance adjoins the hotel includes a kitchen, lounge, bathroom and three bedrooms. The hotel phone system, alarms and door bell are all wired into the cottage so that the owners know what is happening in the B&B. The cottage is a grade II listed building. See pricing below.

Location:

Located in Tewkesbury Town Centre, 1.4 miles from Junction 9 of the M5 at the edge of the Cotswolds.

Premises details:

The Jessop Townhouse is an 18th century Georgian Townhouse situated directly across from Tewkesbury Abbey in the more desirable part of town. The town’s two contemporary restaurants are located just to the left of us... a one minute walk. 100 yards to the rear is the Avon River and across the “Ham” is the Severn River. The Jessop Townhouse is at one of the highest points in town and has not to our knowledge had any issues caused by local flooding.

Our guests are business people from high tech companies in nearby business parks, wedding parties and international visitors among others. With the M5 within 1.4 miles it is also a stopover for many people making the trip from north to south. We also profit from having Cheltenham Race Course within 10 miles.

There are 8 guest bedrooms, 4 in the front and 4 to the rear of the building. The ground floor contains from front to rear a dining room, main reception, guest lounge with honesty bar, kitchen, rear reception, office, laundry area and bathroom.

All the guest rooms are en-suite and spacious. Three of the guest rooms and the guest lounge have been recently redecorated to a high standard.

The current owners are in their third year of operation and over this time have improved the property and marketing of the business and in turn increased turnover by 150 percent. We have a very good reputation and quite a bit of repeat business. The business still has room to grow and therefore ample opportunity to increase turnover.

In the right hands this business can be very profitable and easily become a entry level boutique B&B.

The Property

The building is over 250 years old and a grade II star property. The cellar is said to be of medieval origins. There are 3 floors with all guest rooms on the 1st and 2nd floors. A courtyard lies to the rear where guests can sit and enjoy themselves in good weather and our private car park to the rear of the property.

Public Areas

All on the ground floor from front to rear are a dining room, main reception, guest lounge with honesty bar, kitchen, rear reception, office, laundry area and bathroom. There is also an extra bathroom on the fist floor in the rear of the hotel which guests or people attending a hosted event such as a birthday party etc. can use.

Letting Rooms

8 en-suite guest bedrooms all of which are double occupancy, except the family room which can sleep four. Three rooms contain zip and link mattresses and can be either super king or twin bedded rooms. One room is a twin, two rooms have king size beds and one a double. Most mattresses have been replaced within the last few years and are of excellent quality.

Owners Accommodation

A separate cottage whose rear entrance adjoins the hotel includes a kitchen, lounge, bathroom and three bedrooms. The hotel phone system alarms and door bell are all wired into the cottage so that the owners know what is happening in the B&B. The cottage is a grade II listed building.

Services

The kitchen is outfitted with commercial stove, oven and appliances as is the laundry area. There is Wi-Fi throughout the B&B and the cottage. There are computers and printers located in reception and the office to run the business. You can connect to the B&B computers from the cottage so that in the evenings you can handle inquires from the comfort of your own living room. A new phone system has been installed within the last 9 months offering many modern features. Flat screen TV’s and FreeView has been installed in all the guest rooms.

Trade

Turnover was approximately £140k for 2007, £120k for 2008 and on track for somewhere between those two figures for 2009. Gross profit (Sales minus cost of sales) for 2008 was 97k or 82%.

Price

£725,000 for the freehold property complete with goodwill and trade contents (according to inventory), excluding personal items, stock at valuation.

£175,000 for the cottage, no furnishings.

Other information

Expansion potential:

There is enough space in the dining room and lounge to service a small restuarant with a small investment in some additional kitchen facilities.

Competition / Market:

Premiere Inn and Wetherspoons Lodges

Support & training:

The owners will provide training to prospective buyers with the length of time to be agreed upon signing contracts

Reasons for selling:

Current owners want to relocate to the United States

Trading hours:

N/A

Furniture / Fixtures value:

£30,000 (included in the asking price)

Inventory / Stock value:

£2,000

Website:

www.jessophousehotel.com