If you really really want to know….
In our 18th year we’ve decided to retire and enjoy life a little more and sell the Canasta Hotel. The time is right for a new custodian to take the reins and breathe some new life into it.
We’re taking the unusual step of advertising the hotel for sale on this website. We realise it will affect bookings but we feel we may as well advertise it to the widest audience possible. Read the Q&A if you’re worried about booking with us.
The times we’ve had at the Canasta have been brilliant and we’ve met some wonderful friends (who we hope to keep in touch with when we do sell)
We’re getting into the high season now and unlikely to find a buyer who can complete until December – our preference would be November.
Interested parties could either contact Duxbury’s Commercial on 01253 316919 (office hours) or the Canasta directly on 01253 290501 (7 days – 10am to 8pm)
Quick Tour to Show Our Great Location
Private Mortgage Top Up?
There’s been plenty of interest lately and we’ve done the numbers and can offer a small private mortgage to anyone who is coming up a bit short.
As mentioned below £435k really is our bottom line and even experienced hoteliers will struggle to get a bank mortgage without a £250k deposit
So…we can offer a topup private mortgage of £50k over 5 years
Interest would be payable and we’d have a charge on the property.
But for those coming up slightly short…it might offer a possible solution.
Please don’t ask for more….our numbers wouldn’t work!
We have two large independent owners accommodation flats.
We purchased 288 Promenade in 2001 (the South Side)
In 2002 we purchased 290 Promenade (the North Side) and knocked through.
Hence we have two completely independent flats
The South side consists of a lounge and two bedrooms plus shower and toilet. The North side has a large lounge, bedroom and shower, bath, toilet
Both have independent rear ground level access. Both are on the ground floor.
The business can easily be run by one couple but….has ample space for two couples sharing!!
We’ve had an enquiry already from two couples thinking of sharing the buying expense and running it between them.
We also have a large attic on the North Side where our grand-kids sleep when they come to visit. This could be converted to extra guest accommodation quite easily.
Outright Sale Only
We seem to be getting a good increase in enquiries lately. It seems this page is beginning to work. Please note we are not interested in any lease deals. The purchaser will be buying the Freehold, the Business, Fixtures and Fittings and the Goodwill.
Willing to Part Exchange for domestic house
We’re open to offers of a part exchange but we do have an idea of what we want.
Ideally min 3 beds with garage/workshop and gardens
Must be somewhere within Fylde Coast area.
Sorry – we’re not looking to downsize to a smaller hotel/B&B
Thanks for the interest, though, David!
A Day in the Life of a Hotelier
Most of the enquiries we have had so far have been from investors who would place a manager on site after making all the changes they want but we’ve had quite a few from couples who are really interested in buying a hotel. So this section (as well as creating more keywords – content is king, right?) may be useful to someone thinking of buying AND RUNNING a hotel.
Over the 20 years we’ve had the Canasta we’ve heard many stories of folk buying a hotel (or maybe even a smaller B&B) and not realising the amount of work involved and selling up a relatively short time after.
It’s not really hard work – but it is time demanding. A larger property like ours allows us to hire staff to help with the repetitive parts.
BUT …if you wanted to do it all yourself….on a busy weekend…
….your day will start at 6am to prepare breakfasts for 70 guests. Sausages go in first (or so I am led to believe). You’ll be needing 140 of them! Followed by bacon, mushrooms, beans, fried bread, tomatoes, hash browns and black pudding. Don’t ask me what order they get cooked in – that’s not my department. Eggs are cooked to order – fried, scrambled or poached. Staff arrive at 7:30am to make sure tables are all laid up and spaced out and put the cereals and fruit juices out and get two coffee pots perculating.
The Dining Room opens at 8am – this is where you keep your fingers crossed that everybody doesn’t come down at the same time. It doesn’t happen often but it’s bedlam when it does! So chef cooks the brekkies, staff serve them (and make the toast) and Potwash cleans up. Potwash is whoever is our current kitchen porter.
Time for a breather after everyone has had their brekkie at 10am.
10:20am the bedrooms need either tidying (if guests are staying over) or preparing for the next guest. Most of the larger hotels insist a full turnaround is done in 20 minutes….and if they go over that staff don’t get paid. We prefer not to impose a time restraint but we do ask staff to be dilligent. We’ve had some great staff over the years…and one or two that havn’t been so good. You need a good eye for evaluating them at interview time.
In the meantime someone mans the reception area so we can take keys off departing guests and bid them a pleasant onward journey thanking them for their custom.
Then the dining room and sun lounge needs a good hoover.
Decisions made about the laundry – are we going to do it ourselves or ship it out this week?
Work is usually done by 2:30pm. But no time for a break just yet. Online bookings need to be entered and orders for more sausages (etc) need to be placed.
Then you need to check bar stock and decide what needs topping up.
Incoming guests start to arrive from 2:30pm and a second check on their room is made to make sure staff havn’t missed anything. This is usually my favourite part – welcoming new guests or the many ones that are repeaters. We are very fortunate to have such a large repeat business. The many comments and reviews are testament to that.
We like to offer guests a cuppa before allocating the keys – they’ve usually had a long drive and it goes down well – we actually serve free tea and coffee throughout the day – it doesn’t cost much – but as a new owner you might be looking to make savings in all areas and think this is a bad idea. That would be your choice, of course, but the 10 pence it costs for that free cuppa…is probably the best marketing you’ll do.
The boilers kick in at 3:30pm so guests have hot water for a shower. We have 3 boilers – all fully serviced annually.
Guests start drifting back from their fun-packed day in Blackpool at about 4pm and will need a pint or two or another cuppa. Don’t be too put out when someone rings that bell at the bar…every time it rings you’ll be earning money!
More guests arriving – make sure car park is managed well to save headaches later on
Early evening can sometimes be very busy on the bar. You need to keep an eye on things – it’s really disappointing to run out of beer because you’ve forgotten to order another barrel or you didn’t notice the gas was getting low!
If it’s a Friday night in High Season then we’ll probably get the karaoke out if there are enough singers in. We’ve had some brilliant singers over the years and some great nights. It’s not everybody’s cup of tea though so make sure you finish at midnight even though our licence allows entertainment up to 1am.
When we have larger family groups in we sometimes order an artiste in also.
1am it’s time to clean up the bar and glasses and have another cuppa and then off to bed.
Sometimes you’ll get woken up at 3am by some cockwomble who’s actually staying next door and can’t understand why his key doesn’t fit the lock.
And then….back to bed for a few hours before the brekkie starts again.
In between all that lot you’ll have some maintenance to attend to and some bills to pay….and quite a few phone calls enquiring about accommodation later in the year, laundry to arrange (or do yourself), people phoning asking to speak to the person who pays the electricity bills….the list could go on and on.
So….not everyone can do this sort of job….we’ve really enjoyed it over the years but it’s now time to start relaxing a bit before we burn out. Of course if you’re a couple you’ll share that workload which makes things a lot easier.
Banks are reluctant to offer mortgages to anybody without any prior experience – so if you have none (and need a mortgage) expect to have to come up with a hefty deposit.
It is a very rewarding job – you’ll make a ton of new friends and meet some really interesting people.
Sorry if you read so far and found it underwhelming…this was mainly for keyword content to get Googlebot interested
Pitfalls of Selling a Business
Well we’ve had quite a few enquiries – shook hands on a deal 5 times – yet still here we are. We’ve had more ups and downs than the Big One!!
So for those that are interested we put the Canasta up for sale in March and were recommended by the estate agent (Kenricks) to go with a new type of auction method of selling….and joined Pattinson’s Auctions. It’s not like a normal auction I think they call it a “rolling auction” – anyway the upshot is that Pattinsons told us not to discuss terms with any prospective purchaser – that was their job. Problem with that is the person who placed the winning bid gets hit with all the selling fees….which in our case was a whopping £25,000 (or thereabouts). We followed their advice and didn’t mention it to the folk that viewed but when the people who were interested in purchasing found out it was £25k more their first thought was we were being underhand in not disclosing it. I must admit to feeling a tad underhand about the whole episode also.
Everything is explained on Pattinsons website about the process so I’m not apportioning any blame to them. They were quite nice to deal with and were actively trying to sell the business for us – along with Kenricks the local estate agents who recommended that process but it all got a bit….yucky…when the buyers found out it was going to cost a lot more then they thought. The downside for us is that we had two interested parties but because they were introduced during the time we were with Kenricks and Pattinsons they are locked into that deal for 6 years. We tried to swallow some of that cost up but the whole process for them was bewildering and both parties pulled out. That was quite frustrating.
So…as it was a no sale no fee deal we pulled out after two months and decided to go with a different Blackpool estate agents and sell it in the more conventional method with Duxburys Commercial.
Duxburys are nice to deal with. Listing with them gets us access to the commercial sections of RightMove, Zoopla and Prime Location and a couple of others as well as their own website. I could pay extra with them to go with Fleurets also but I’m not convinced the extra 1% plus VAT would be worth it.
We’ve also paid extra to have listings on other sites where Duxbury’s don’t provide coverage – with mixed results.
We have a listing with RightBiz.co.uk which has produced some good contacts – one of which was one of the ones we shook hands on a deal with. Of course the “handshake” means nothing in any property sale and nothing should be considered sold until contracts exchanged and funds received. But we were quite optimistic given the length of time (and number of visits) the purchasers spent viewing – going to great lengths interviewing interior designers, staff, plumbers, managers positions etc. But it’s all gone quiet so we’re back to square one. So “Hari” Hindocha and Nishant Mistry of Neelkanth Consultancy .com wasted quite a lot of our time! Maybe the courtesy of a phone call would have been better eh?
But thumbs up for RightBiz for producing a few genuine enquiries. I certainly feel I’ve had value for money in placing a listing with them. I’m not too happy with their pricing structure or placement – I paid for a listing with them and there are properties listed as “Sold” which are higher in their rankings than us. Pointing this out to their support gets the reply that I need to pay even more for featured listing…but I thought that’s what I paid for anyway – my listing in the admin panel they provide is marked as “featured”. Anyway – we still have a listing and it still provides genuine enquiries with phone numbers we can contact those enquiries if we want to.
Another prominent listing if you do a Google search for “Blackpool Hotels For Sale” is businessesforsale.com. Their tagline is “The world’s largest marketplace of 70,268 businesses for sale“. That seems a bit bizarre…are they saying “of all the marketplaces with exactly 70,268 businesses for sale we are the biggest”? I’d like to know how they compete with businesses who advertise 97,236 businesses for sale. Yeah…it’s poor grammar and an indication that all is not as it seems, maybe? Perhaps they meant “The world’s largest marketplace WITH 70,268 businesses for sale” but that doesn’t seem that impressive….I wonder who actually IS the worlds largest marketplace of businesses for sale? I’ll get on Google after I finish this.
They charge more than twice the amount RightBiz do and I’m fairly confident they have a script that churns out bogus enquiries – or they might even do that manually. That’s quite a bold statement eh! Well….my free trial listing with them expired two weeks ago. We’re nowhere to be found on their website. So how did someone manage to send an enquiry asking for more details today…..I’m wondering. Of course I need to pay hundreds of pounds today to gain access to that info so I can respond but…I’m not that gullible. So BusinessesForSale.com….I’m calling you out. If you notice this page and want to reply I’ll do the decent thing and publish that reply….but you are a bit fishy.
Of course we’ve put it on eBay as well. We currently have 37 watchers 🙂 ….I bet most of them are regulars 🙂
We’ve also just joined Daltons Business. My initial thoughts are that it’s very good. We’ve had 126 viewings and 2 genuine enquiries (I rang them both) in 5 days of the advert. Daltons were amenable to negotiating on their price for a “Featured” listing and very professional on the telephone. I’m really happy with this listing.
I’ve even put together an estate agent website myself. 🙂 BlackpoolHotelsForSale.com. Free listings for private or commercial sellers. I’m a bit puzzled why estate agents aren’t taking advantage and advertising all their portfolios for free with me – especially as I am paying Google adwords to promote the site.
Anyway….sat here twiddling my thumbs for the next potential buyer.
I wonder where they will come from (Hint: Telephone 01253 290501 – “It’s good to talk” B Hoskins c1974)
For a list of other hotels in Blackpool for sale click here
Reasons To Be Cheerful Part 3
There’s never been a better time to invest in Blackpool. Sure we’ve been affected by the economic downturn and the North West (our largest catchment area) has probably been hit more than most but things are on the up in Blackpool with a serious amount of investment coming in
I’ll list a few of these with links that open in a new tab
Coming 2020 – High speed rail link direct to London Euston – 5 times a day. Spring 2020 – More Info
Plans are afoot for a new “Adrenalin World” Theme Park in a $45m investment on Stanley Park Golf Club. I have mixed feelings about this – it’s a great course – designed by Alister MacKenzie who designed Augusta. The course would retain 9 holes though and the theme park would be a huge tourism pull for the town. More Info
Chariots of the Gods – new simulator theme park plans accepted for land immediately behind the Golden Mile – £300million budget!! More Info
The new tram extension is just about complete – just need Wilko’s demolishing and the new terminus building now which connects to Blackpool North Station. It’s caused a lot of disruption in the town and most of us are not sure it was worth it – but it’s done now and time will tell if it’s been a worthwhile investment More Info
There are quite a few new hotels being built in town on sites at the Pleasure Beach, Winter Gardens, Sands Venue and a few more. They’ll all be offering bed nights for sale, of course, and it will affect the rest of us but staying optmistic they won’t be able to compete with us on price and they havn’t got our fantastic location (with car parking) – so we’re all for the new investment – if it brings more people into town then that’s got to be good for all of us. More Info
Brexit – we’re all for it and Boris seems to be injecting some new vibrance into politics. The exchange rate against the Euro has already tumbled and for the last two years a LOT OF GUESTS have mentioned they are going to be staycationing in the UK. Coupled with RyanAir and British Airways cancelling flights willy-nilly (and lately even Thomas Cook look a bit precarious) are you sure you really want to go abroad?
£100million Master Plan – new conference centre and Imax cinema, restaurants and road infrastructure More Info
Superfast Under the Sea Internet Broadband coming to Blackpool More Info
…and lots more on the cards. There’s even rumours about the Super Casino being talked about again.
Property prices are low….we’ve dropped ours significantly simply because we want a change of lifestyle. Its provided us with a great income over the years and we feel we can afford to drop to the current price. We’re sure whoever buys it will be doing so at a really good time and will benefit tremendously with all this new development.
Give us a call to arrange a viewing today! Tel: 01253 290501
So…What Do We Get For £435,000?
I’m glad you asked 🙂
Quite a lot actually. A 30 bedroomed hotel catering for 70 guests with a large car park (18 at front and 2 at rear). Fabulous sea views in probably the best location in town – we certainly wouldn’t swap with anyone else.
PLUS…Everything you need to be able to walk in and continue trading. I’ll be the first to admit the place needs updating but the eventual buyer WILL REALISE that’s reflected in the low asking price.
Negotiations recently with an interested party got quite prolonged and they asked me for an inventory – I don’t mind listing it here
You’ll probably need a hefty deposit – banks arn’t that keen on lending much these days
Give us a call if you want to view. Tel 01253 290501
Why is it so Cheap?
Good question (we get asked a lot)
a) We’ve had the place for 19 years now and have made a good living.
b) In recent years we’ve run the business at a much more relaxed level and accounts are nowhere near the true potential. Not because the business isn’t there (we’re not even in Booking.com!) – I guess we got a bit jaded
So bearing those in mind we feel we can go low to attract a quick buyer. Our price of £435k is the rock bottom we can afford to sell at and we feel it’s really cheap.
Book a viewing today: Tel: 01253 290501
At this stage we are only accepting viewings from folk who can show proof of funds
One enquiry we’ve had is from a property investor who has shown us a new scheme whereby individual rooms are sold off on a 999 year lease and a management company runs the business with guaranteed return of investment +10% after 10 years AND a monthly dividend from the business earnings.
We don’t feel individual room sales would be suitable for the Canasta but it might be suitable in segments or areas. Our 30 bedrooms could be sold off in 9 segments quite easily :-
4 x rear corridors areas each with 4 bedrooms
5 x front sea view areas with 2 or 3 rooms
Let’s say these segments averaged around £55,000 each – owners would get an annual income (the management company would run the business to provide this) and a guaranteed buy back ROI +10% after 10 years
I understand it’s even possible to enter the owners details at the Land Registry for this type of scheme allowing owners to sell their segment on the open market.
Schemes I’ve seen already in place offer the owners two weeks free accommodation per annum
This isn’t something that we’d like to organise – but we do feel the hotel would be ideal for this type of investment opportunity and we’d welcome any potential investors who are thinking of adopting this management type of investment (but only from those who wish to buy outright from us at our current asking price).
Just thought it was an interesting, different, way to purchase….and the extra keywords I’ve used will certainly push more traffic to this page 🙂
Just to repeat, though, we are definitely NOT interested in any leasehold sale.