22 Aug 23 by Mike Easton
After a noticeably quieter Winter there has been better than reported activity in the sector in more recent months and Vickery Holman have been at the forefront of the deal making.
When talking about transactions the news is often at least 3 months from the point where the deal was agreed to allow for the legal due diligence and funding arrangements to be satisfied after initial terms are settled upon. What we have seen in recent weeks are the result of processes and agreements from March onwards.
Interestingly it all started with the leasehold market, where there is less capital outlay and no debt requirement. Recent completions have included Pattard’s Restaurant in Hartland, North Devon, a well-regarded venue for which we expect many future accolades for chef Daniel Lord and his partner Toni, this completed in the same week as the former Just Be coffee and Wine lounge in Saltash, which has been reimagined as Spanish restaurant Hispania by Mavi. In addition, again in Cornwall, The Robartes Arms at Illogan lease completed as did a holiday park in on the South coast.
Next it has been the turn of the freehold market and Vickery Holman are extremely pleased to have announced the successful sale of Gylly Beach Café to Cornish Cydar makers Healey’s who have long term ambitions to protect this well known and supported venue in Falmouth. Along the way there have been two completions in Exeter for the Queens Head at Polsloe Bridge and the former Exonian on Fore Street. The former as an ingoing investment transaction with support from Zach Maiden in our Exeter office and the latter to become the new home to the Music Depot as music shop, training centre and (potentially) an intimate live music venue. Plus there are more to report over the coming months. So, despite the usual media focus on closures, there are deals happening and positive activity in the sector – deals agreed more recently will appear in the next hospitality focus piece later in the year. The wheel turns.
Talk to our Leisure and Hospitality team if you’re interested in holiday parks, hotels, pubs or venues.