How Much?
£975,000

Thats a Lot!!
We're just following advice of estate agent and...we think the business IS worth that much. Hey look at a similar property ANYWHERE else in the country - it would be TWICE as much

Will you take offers?
Nope...we still enjoy what we do and we're not too bothered if it goes quickly...or takes 3 years to sell. 80% of all hotels in Blackpool are for sale so we realise its not going to sell overnight but we think its worth what we're asking.

What's the Turnover/Profit on that?
Last 5 years have been in excess of £250,000 turnover p.a. You can have our last 5 years trading accounts when you view the property. You can view our 2007 accounts here:-
Canasta Hotel Income & Expenditure Schedule 2007
The first thing you'll notice is the advertising and marketing budget was only £35 (!!) - we'll explain that when you view the property and also explain that we'll throw in advertising worth in excess of £50,000 for the first year. The previous 5 years show very similar accounts. (How many other hotels in Blackpool would publish their accounts??) Last year (2008) we reformed into a limited company following some excellent advice from our accountant, Buchanan Moore Associates (Andy Moore - 01253 867432 - who will be happy to discuss finances with you, by the way).

What does it comprise?
30 letting ensuite bedrooms, sunlounge, dining room, large cellar area (which could be developed further currently used as laundry room). Two self contained owners living accommodation flats. Two kitchens (currently one used for pot washing and the other for cooking). Fully L2+ Fire Regs compliant. Car parking for 22 vehicles (thats a massive bonus in Blackpool). The domain name..of course. The goodwill we've built up in trading for 8 years. 98 plates, 116 tea cups, 112 saucers (I'm definitely NOT looking forward to doing the inventory!!)
Ooops...I nearly forgot - the BEST LOCATION IN BLACKPOOL with fantastic sea views

Who would it suit?
As we have two separate flats for owners accommodation it would be an ideal venture for two couples to join forces with. Also, as we can accommodate 70 guests comfortably, then it may attract a coach company especially as there is plenty of room on the car park to accommodate up to 3 coaches.

I've not done this before but I am intrigued,...what do I need?
Well..the first thing is the money. You'll EASILY be able to get a 60/40 mortgage. Our accounts are excellent and banks will be tripping up over themselves to offer you 60% of the purchase price..at that rate its a GOOD RISK for them. This means you have to come up with 40% of £975k = £390,000 of your own money. In the current economic climate it's very unlikely you'll get better than 60/40. We're with the Royal Bank of Scotland and I thought I'd speak to my account manager and sound them out. He said he'd be very happy to consider an application for a purchase at that split. So if RBS state something like that...then you know other, more stable, banks would do also.
Also, one of you will need a BIIAB Level 2, National Certificate for Licensees (Part IV Licenses) if you want to continue selling alcohol. It's a considerable part of our revenue so of course you'd want to do this. You may also want to consider changing to an open licence - ours is currently residential - to increase revenue further. Don't worry - its a doddle to pass as long as you do your homework and classes are held locally to us and throughout the UK. (Google is your friend).

I've never done this before - what do I do?
Well..as long as you like meeting people and understand that when they are on holiday they want looking after (a bit of pampering) AND you have an aptitude to go the extra mile..its a complete breeze. Any prospective buyers are welcome to stay with us for 1 week prior to exchange to see how we work....and muck in yourselves!! Of course you'll be making lots of changes of your own...but it will be useful to see how we work if you have no experience at all in the tourism industry.
The job isn't hard...we're large enough to be able to employ staff to take care of all the hard work...the only downside is that to run it properly...one of you (assuming a couple will be buying this) will need to be on call at any time ...so it can be demanding. Have you worked as a couple before? You'll need a special kind of relationship to be able to cope. The Canasta is an old Victorian building...there's always something to repair so if you're handy with a screwdriver and hammer that will help keep expenses down and boost profits. Lately we've considered doing our own laundry (which is a major expense) and may invest in a new industrial press to make this easier...again..its all about keeping costs down, providing maximum comfort for your guests and enjoying a healthy profit. We got this formula about right...can you?

Why should we buy The Canasta?
We've built up massive REPEAT BUSINESS. In the main we've got great reviews over the years. We can't please ALL the folk ALL the time but we've certainly done our best and whoever buys The Canasta will be off to a running start. There's GREAT POTENTIAL to get even more out of it and develop out of season business. We've always closed for November and December and only opened weekends in January to Easter. We like having the time off in the winter. We've never catered for an evening meal - there's extra revenue to be earned there. If two couples purchased The Canasta you could reduce the staff bills..and make MORE profit. This is a great time to buy a hotel in Blackpool. Millions of pounds worth of investment on the sea frontage and town centre will certainly help to put Blackpool firmly back on the map as the premier tourist resort in the UK.

Can I look around it?
Sure..contact our agents Kenrick & Co

More Blackpool Hotels for sale here