01/12/2022 08:42:00
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Despite a very challenging market, Fleurets currently tops EG's On Demand Ranking for the most active agent in the hotel & leisure sector which we are proud to say has been the case in five of the last six years.
2022 will be confirmed in history as the year of soaring inflation and hard line fiscal government policies which continue to increase costs for operators and understandably, created nervousness in the market.
The Chancellor, Jeremy Hunt, in his Autumn Statement, announced a £13.6bn package of support for business rates payers in England would be made available. The multiplier will be frozen in 2023-24, while relief for 230,000 businesses in retail, hospitality and leisure sectors was also increased from 50% to 75% next year. This is good news however, there will be no changes to the energy relief package as announced under Liz Truss and the current VAT threshold will be retained until March 2026.
Whilst it would be silly to suggest demand hasn't been affected, Fleurets has continued to see strong demand for leisure and hospitality property in the majority of locations and sub sectors across the country. As such we continue to complete deals despite the uncertainty and caution in the market.
With such limited support available, combined with rising costs across the board (food, drink, utilities, wages), it is inevitable and sad that the number of failing businesses will increase in the year ahead. This does however create opportunity as any significant distress will increase supply, often of fully fitted units in nil premium deals on favourable terms.
These deals increasing in number will provide the springboard for creative and talented operators to enter the market and/or accelerate their growth, a trend seen in previous recessions.
We have collated a selection of properties that we currently have available across the country.