Christie & Co network supports family’s move into hospitality sector
Specialist business property adviser, Christie & Co, has supported a family’s move into the hospitality sector, acting on the sale of their retail business and subsequent purchase of a hotel in their hometown of Llandudno, North Wales.
Having successfully owned and operated their retail business for 21 years, a high-turnover Londis-branded convenience store located along one of Llandudno’s high streets, the Boughen family decided to sell and challenge themselves to a new business venture in the hospitality sector.
They put the store on the market through Christie & Co’s on a semi-confidential basis, with the sales process led by Retail Director, James Moore-Martin. With demand for retail businesses at an all-time high as a result of the Covid-19 pandemic, there was an influx of enquiries and a competitive bidding process before the family decided to sell to two seasoned multiple operators who will be relocating from London to run the business.
The new owners, the Tharmapalan family, aim to ensure the store remains a large part of the local community. Funding for their purchase was secured by Lawrence Roberts, Associate Director at Christie & Co’s sister company, commercial finance specialist, Christie Finance.
James Moore-Martin from Christie & Co comments, “I am delighted for the Boughen family, who received a multitude of strong offers from serious operators from across the country and ultimately achieved a sale above asking price, after multiple rounds of bids.”
Following the sale, James referred the Boughens to Tom O’Malley, Associate Director in Christie & Co’s Hospitality team, to assist their search for a hotel in Llandudno. Tom identified one of his listings, Belle Vue House, as a suitable option and guided the family to a successful purchase of the property.
Tom comments, “It was great to be part of this deal where we were able to act for both sides in selling their businesses. Belle Vue House ticked a number of boxes for the Boughens due to its position near the sea in a popular tourist destination and low maintenance business model set up as holiday apartments. Llandudno is proving to be very popular presently, we recently agreed the sale of another hotel on the seafront which has an asking price of £1.25 million.”
The Boughen family concludes, “Both James and Tom provided an exceptionally professional service and were always available to provide reassurance with up-to-date information on progress, making the sale of our retail business run smoothly and the process of finding a suitable hotel investment much easier. We are currently taking a break before we begin operating Belle Vue House. So now, lying on a beach in Mexico, we can say thank you Christie & Co for helping our dream of owning a hotel come true – we can’t wait to get in there.”
For further information on this press release, contact:
Phoebe Burrows, Corporate Communications Executive
P: 020 7448 8849 or E: phoebe.burrows@christie.com
Contact the agents:
James Moore-Martin, Director – Retail
M: +44 (0) 7764 241 288 or E: James.Moore-Martin@christie.com
Tom O’Malley, Associate Director – Hospitality
P: +44 (0) 7764 378 446 or E: tom.omalley@christie.com
Visit Christie & Co’s Business Search page to find out more about current listings.
