Redundancy forced some big decisions on this couple. Lewis Smith & Co. provided some welcome advice.
When Liz and Dave Fisher decided and buy their own bed and breakfast business they were really stepping into the unknown. Enforced redundancy had left them without the comfort of a regular income but with enough capital to consider something new.
An opportunity arose to look at a Bed and Breakfast establishment in Malvern, Worcestershire that seemed to suit the couple. But did the numbers stack up?
Dave explains that this is where Lewis Smith & Co. stepped in:
“Andrew us helped us develop a business plan that showed how we could afford to finance the purchase of the Bed and Breakfast and still have money left to upgrade it to the level that we wanted.
He identified a tax efficient approach to running the business that made us feel comfortable about taking such a major decision. It was great to get straightforward input that we could understand“
The Fisher’s made their momentous investment and embarked on a refurbishment programme of Cannara. The B&B now has 4 beautifully decorated and equipped en-suite bedrooms and charmingly appointed guest areas, both inside and outside.
They clearly learned the hospitality business very quickly because Cannara is now recognised on Trip Advisor as one of the best B&B’s in Malvern. It also benefits from having an extremely high occupancy rate on a year round basis.
Liz says it because they made the effort to understand and then provide for the needs of the Malvern market:
“We cater for the sorts of people who attend the Three Counties Show and the RHS Malvern Spring Festival, or visit their children attending Malvern College or Malvern St James. They want high standards of accommodation and a helpful approach, which we can oblige.
At the same time we get a lot of business clientele related to Morgan Cars, to QinetiQ and the firms on the Science Park. They want high standards too…and early breakfasts.”
The challenge now is to maintain Cannara’s excellent reputation and meet the objectives of that business plan. After that…who knows, but at least Liz and Dave have been able to take a measured and thoughtful path through the start-up of their first business.
Do you want to set-up your own business?
To discover how Lewis Smith & Co. could help you operate as successfully as possible simply call today on 01384 235549 or email enquiries@lewissmith.com. It’s free, confidential and there’s no obligation.
Lewis Smith & Co. – Tax advice for start-up, growth and mature businesses
