Devonshire hotel & wedding venue sold to new market entrants
Specialist business property adviser, Christie & Co has completed on the sale of Nethway Hotel, located in Torquay, Devon to a first time buyer.
Occupying an exceptional detached Victorian villa, believed to date back to 1840, the Nethway Hotel features 25 en suite guest bedrooms, a substantial function room for up to 80 guests and a bar and lounge, Additionally, the hotel also features extensive outdoor space with a gazebo for 100 guests, licensed for wedding ceremonies, a terraced seating area, garden and swimming pool.
The hotel was an old-fashioned coaching hotel when the previous owner acquired it back in 2006. They have since fully refurbished the hotel and changed the direction of the business to focus on weddings, which has proved hugely successful. In 2019, they are set to host over 50 weddings and receptions and, in addition, the hotel benefits from private leisure and group travel accommodation bookings.
Featuring stunning sea views across the Torquay coastline, the Nethway provides a scenic setting in the heart of Devon, a short walk from the bustling town centre and sandy beaches.
Previous owners, Dave and Jo Ison decided to sell the Nethway Hotel in order to focus on their property renovation business. Jo will be staying on as an employed wedding planner after completion, keeping her extensive experience within the business. She comments, “I am really looking forward to working with Julie and family to drive the wedding business further in the future with all their exciting plans. Thank you to Christie & Co for securing us the right buyer for the Nethway.”
New owner, Julie Way is a first-time hotel buyer, who previously worked as an IT Director. With the help of her family and partner Gary, Julie plans to continue with the same successful business model that is already in place, she comments, “We are delighted to have found the Nethway Hotel. Dave and Jo have spent many years transforming the Nethway into the superb wedding venue it is today, complimenting the beautiful view of the bay from the terrace. We are especially pleased to have Jo remaining as the Wedding Planner, and pleased to introduce Gabriella as Jo’s new Assistant Wedding Co-ordinator.”
Jimmy Johns, Finance Consultant at Christie Finance, worked with Ms Way to secure funding, and comments, “Julie is a highly driven and capable person with the relevant skillset to bring to the business. She will have the benefit of her family support, which coupled with the existing staff will enable a smooth transition in ownership. The funding we secured provides her with a sound foundation and I can’t wait to see the business develop under her control.”
Stephen Champion, Associate Director at Christie & Co, handled the sale and comments, “The Nethway Hotel is a fine example of an independently owned Torbay Hotel, so it was no surprise Julie Way moved quickly to secure the hotel after her viewing. We wish Julie and her family all the best with their new adventure and look forward to seeing how the business develops in the coming years. This sale further illustrates that the South West hotel market remains buoyant as a hotspot for both domestic and international tourism.”
