Independent operators are cashing in on great opportunities in a buoyant hospitality sector, say Tom Nichols and Gareth Hatton of Everard Cole.

The past couple of years have brought unprecedented challenges for hospitality operators – but there are encouraging signs that conditions will improve through 2023.

We’re no longer seeing the triple-digit increases in energy prices that we saw last year, with prices generally falling, which is a much welcome relief.

The revaluation of business rates, due to take effect from this April, will also make life a little easier for many pub and restaurant owners, as many rates for licensed properties have decreased.

Eastern Daily Press: Tom Nichols, managing director of Everard ColeTom Nichols, managing director of Everard Cole (Image: Everard Cole)

Although some pubs and restaurants are closing, new sites continue to open, and we’ve heard from lots of business owners saying they had their best January for years.

Buyers are now actively seeking or purchasing opportunities presented by either closures, or those on the market for disposal by pub and restaurant companies.

A number of these are being snapped up by independent operators, who have a more entrepreneurial approach, can adapt quicker and thrive in times of economic uncertainty.

The traditional wet-led village pub, which used to be spit-and-sawdust, is being revived by the introduction of food – often with food trucks if there isn’t a kitchen – to attract trade from neighbouring towns and villages.

Eastern Daily Press: Gareth Hatton, associate director of Everard ColeGareth Hatton, associate director of Everard Cole (Image: Gareth Hatton)
It’s not just independent traders taking this approach; a couple of regional and multiple operators are still very much on the acquisition hunt, and vocal about it in the press as well.

Properties like this remain good value, and the sites that Everard Cole has marketed in recent months have all proven to be in demand.

These include The Blue Boar Inn, a stunning property in Fakenham, north Norfolk; The Bell in Clare, Suffolk, sold on behalf of Greene King; and The Blue Boar in Walsham le Willows, Suffolk, where the new tenants have added a tearoom.

If you’re looking for a new business opportunity, or considering a sale on the open market or under confidential instruction, please get in touch at tom@everardcole.co.uk or gareth@everardcole.co.uk, call 01223 370055 or visit www.everardcole.co.uk