I Bought a Hotel for £2,250,000
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- čas přidán 3. 07. 2024
- I bought this 500 year old hotel for £2.2 million and in this video I wanted to share behind the scenes, how and why I decided to buy this business.
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Who am I?
My name is James Sinclair and I'm the founder and CEO of The Partyman Group of Companies. I started building my business when I was just 16 as a family entertainer after that I built up an entertainment agency, then moved into building a leisure and day nursery businesses. Today we operate a £30 million business which includes leisure, childcare, outdoor attractions, commercial property, arts and crafts manufacturing as well as one of the UK’s oldest Ice cream companies; The Rossi Ice Cream Company.
⌚️Timestamps:
00:00 I bought a hotel
00:12 The hotel myth
01:00 The pros of owning a hotel
01:30 Why I bought a hotel
03:00 The hotel restaurant
03:50 The management team
05:00 Buying Business Experience
05:54 How I bought the hotel
10:35 My plans with the hotel
#businessowner #business #entrepreneur
Sounds like you need an experienced revenue manager to fill your bedrooms, James! Experienced hotelier here; ~10 years in the industry, experienced deputy & general manager. I'd love to work for you!
Let’s meet. Please drop me a line on my website.
This guy could sell snow to the Eskimos, no wander he get the banks to fund him 🤣🤣
This is just the best channel on CZcams, I love it. I do prefer these shows with just James presenting rather than the new podcast format with the co host.
That’s a separate channel with just podcast content. This original channel will still make my core videos.
@@JamesSinclairEntrepreneur Your pod is good too.
His projections are simply balloney when you look at the industry hotel margins , Another leveraged deal to buy the gaff-from a you tube car salesman with 19 companies on companies house but no real net asset value and no value which which means this guy is leveraged up to the top of his head, hence you tube content . Do we see the dragons den people on here ? Nope , I wish he would shut up about inheritances…..
, I quote business iht relief to prove my point , do ignore 😂😂 he needs you tube pay per clicks to keep those tacky farms ticking over , it’s a property play , to fail at hotel and convert to flats, ignore , it’s a debt fuelled clown 😂😂😂
@@upfulsoul826 agreed I listen all the time, I just don’t think the co host adds anything to the show.
@@MrPhilysis1 lol
I’d like to see a biography of what you started doing then how you grew with some numbers thrown in for good measure and mistakes / great decisions that cost/ transformed your business. Maybe a chart showing profitability of each business over the years..
very informative video James, giving us the structure and the whole process of owning a business. Will love to see more with the day to day business of the hotel, how the bookings come in, how the progress of the hotel, the seasonality struggle etc. thank you for the video,
One of the best videos you've done. Absolutely love these types of videos!
Great video. Lovely seeing the hotel and James plans for it
Cheers James, great video. Thanks for keeping this format on here and look forward to visiting the Blue Boar tomorrow for your event!! ❤👍👍👍
Videos have been spot on. Enjoy this format with a specific. Or the ones that show a week of activity. Or the podcast. There's a lot of great content coming out just now
great insights!
Love these insight videos James, thank you. Double business owner here, school dropout navigating my way, 10 years in but still feels like first day in business
Thanks for this!
Thank you James. I enjoyed watching this.
Hi James! Love your videos. Thanks for always continuing to upload and provide so much in-depth information.
My video ideas/requests - interviewing other business owners (not necessarily same line of work) and what a day off for you looks like (would be a nice one-off!).
Thanks again, much love.
Day off…… what’s that? 😂😅😅
Seriously, I love working, but if I am off - I just want to be with my lady and my bambino’s!
On the business owner interview stuff, we are looking to make a series like this. Have you checked out my podcast channel? That is that in many ways.
Search “James Sinclair Podcast” on CZcams
Really good vid. Couple of suggestions. You're not using your kitchen & Restaurant at night. Have you looked at the local food truck scene around you. If you approach a few good, innovative ones and see if they want to host nights in your hotel. It'll cost you nothing, they bring the food, staff & customers. You can make a cover charge & take the booze revenue. More importantly it brings footfall into your hotel, you can gauge what cuisine is popular. It works for the food truck as most of them see it as a stop off to having their own restaurant. If you source, say 5, who agree to 2 a month it helps utilise free space. If one is really successful they could be your new restaurant. Second suggestion is you're running sandwich / toastie lunches. Get your manager to check out Diners, Drive-ins & Dives on the food channel. That show will give you lots of ideas for standing out from the crowd. Best of luck reviving this fab hotel. Iain
Love it!
Thank you, very interesting!
Best of luck with the new venture, be interesting to see it develop.
I’m gonna be completely honest. I love this channel more than the podcast. I love seeing graphics, enaction and physical business going ons. I tried a few episodes of the podcasts but I personally think I get more value for me personally from this channel. Love you’re stuff awesomeness
Thanks Gareth, the podcast is different and is a different style hence a separate channel was created.
James fantastic video , I have just discovered your podcasts in last 2 weeks and what a find , your honest impartial practical and successful tips and instructions to navigate to success are brilliant and transfer across all industries/ businesses
You tube content unreal keep it coming out and as you said your are leveraging all parts of your experience and success which will be accessible for years
For me I like the beginning middle and end even if you have more content on figures and how you and man agement teams and staffachieved your gains be it small or large and also what didn’t go too well on occasion
Your real world advice and knowledge is inspiring and is pushing me closer to may a small jump to try a start up and hopefully I can get to point where I can apply to podcast
Thanks Paul all the way from Ireland 👍
Great video as always James! Would love to learn more about your childcare businesses, especially understanding the government funding hours impacts the business. Keep up the great work 🧡
WoW Excellent information here. This video answered many of my questions!
I took over a failing business during the pandemic. What you are sharing, is exactly my Chess Problem.
My business supplies restaurants in Essex so I can see Maldon is really growing at the moment. Lots of development etc. The blue boar is in a great location just off the main area on the high street. I have been in several times over the years looking for business and always been surprised there wasn't a propper restaurant operating there so I'm glad that's the plan, theres lots of great restaurants and bars all around that area now so I'm sure it'll do well. I'll get in touch to see if we can become a supplier.
James, 'thank you' for your incredibly informative ongoing advice... its truly appreciated. The financing option you describe for the hotel is perfect for being able to establish those 3 year accounting records, which the banks generally require. If all goes to plan, it sounds an exceptional project for you 🤞. Can you offer any valuable insights for us, of your plan B... ie, if things went wrong or perhaps another black swan event occurs like Covid... knowing how you'd navigate these times of stress, whilst managing the finances would be invaluable... Thanks James and I wish you all the success my friend, you deserve it.
Well done. Congratulations. I really appreciate you explaining everything. Even more appreciation goes to your statement that seven years in a business life is when things get interesting, not two or three as many have us believe or even teach us.
Glad it was helpful!
Cheers James
Kudos
This is so good James. Keep doing this stuff.
We won’t be stopping!
I've been waiting to see this video for a while being more interested in the property side. Looking forward to seeing the refurbs as well.
Well done James, nice to see they way you’ve set up the deal, would be nice to see the planning and work that goes into renovating the rooms and making the kitchen profitable again
I drop these details on my regular day in the life videos on the channel.
Love the end monologue! 😅👌🏽🕺🏽
Jim i am happy too support in any adventures we go working for you in the kitchen right now at the blue boar is great, lets turn the restaurant into a carvery, there isnt one in maldon currently, i want one the regulars want one and it means more people will eat on a Sunday especially, carvery served every Wednesday and sunday from 1-7 have a think
What an awesome location. A paranormal investigations would be awesome in there. A very knowledgeable individual learnt alot from this video....
Fantastic job. Now that's what I call buying a business. Good luck making it profitable. 👍👏💯
James, I listen to you because you are well able to walk the walk.
Amazing one, James. I bought your books as a testimonial of your expertise 😂
I started my first business from scratch and am currently buying my second. This is good isht.
Thank you very interesting
This is one of your best videos
Thanks!
Love it
Love you work James, very inspiring! We absolutely need video guy like Chuds in our business.
I assume he's in-house rather than outsourced, what sort of cost would we be looking at to get ourselves a chuds for a video per week.
Our content department is now 5 people FT to look after my personal brand.
maybe approach weatherspoons for a small francise to run the bar and food side, they get a cheap premises outlet and you get the footfall from a famous name the public know
Hey James, was just having a look at the website, and noticed the copyright notification says 2019 in the footer, you may want to have that updated esp when investing in PPC & search
The real David Brent. The management speak is strong on this one.
Hi James, great video, what’s your opinion on a laundry business ??
You'll probably get taken to the cleaners..
JAMES!! why not consider the Spare-Un-used rooms..Like it was a HMO!!..instead of 6/8..Bed-Home..its 12//13 Additional Accommodations..Plus the greater Amenities..your Hotel Offers..Thankyou..
Would love to know the details of the option agreement, the failsafes you put in place if you couldn't get the business to a lendable point by the 3 yr mark and the analysis of the $ risk you think you took on it.
How did you get started in business? Was it being careful and saving up or a big loan to get your started? I’d love to know how you got started.
I would contact every ' office based ' business's within a 10 mile radius and offer a breakfast/ evening meal/ and overnight stay for employees they have who are visiting their business for training ,meetings etc.
I'd love to see you in a mentorship role series of videos. Not like a one off consultancy thing like the podcast. Find an aspiring entrepreneur. Somebody right at the start of their journey. Modest job to pay the rent with little disposable income. Perhaps starting at say £1k and we could follow their journey where you are solely an advisor guiding their journey from regular employee with no real experience to a business owner. It would be so interesting to follow their progress. Do they build a small side hustle with their own limited capital or try and jump a few early levels and bin the job off asap.
You know, something a lot of your viewers could probably relate to.
It is very hard to make a profit in the US if your hotel does not have a flag. Is the UK a lot of independent hotels?
The video was interesting enough without constantly trailing the deal structure.
Labor to turnover ratio do you mean this “Employee turnover = (number of employee departures / average number of employees) x 100” or how many employees is required to turn over x amount?
Thanks
Revenue per employee. What’s your Labour bill as a % of your revenue.
Hi James, would you be interested in supplying under your brand coffee to a sixth form centre? Our students put a proposal on green and ethical grounds to get rid of Starbucks on our campus which management have agreed to. They are now looking for alternatives and would prefer local or at least UK suppliers. The coffee would be selling in the canteen and a pod which is on site and staffed by the college catering staff.
Absolutely- we can already do that.
We can supply more than coffee you’ll live our cakes too! All made here.
Drop me a line on Insta.
They do know that the coffee is not grown in the UK right!?!
Sir i sent you mail you didn't check it
With the option agreement, isht it risky for the old owner? Essentially they’re agreeing to sell to someone they don’t know, who could go bust and they’re selling to someone a bank won’t finance ie no experience running a hotel. What’s in it for the owner? Seems risky. How do they get their money if the buyer goes bust? They’ll end up with a business making a loss and a mortgage that still needs paying?
I always try to remove the risk by offering guarantees and proof of my past endeavours. I am never bothered about offering PGs because I believe I will always deliver. Plus I always share my property portfolio to show that I come with some level of confidence.
There's no risk for the current owner, if James stops paying then he gets possession of his building back. Any finance on the property would be old finance that the current owner took out and has been servicing himself, but it's likely to be mortgage free.
i have to ask when you have this much money why is it worth the risk on buying businesses that might eat way at your profits and could send you bust.
I wouldn’t mind growing a house like they’re growing around the town where your hotel is 😅
Private mortgage or seller financing sounds good, what happens if the business doesn’t work out as well as expected? Do you hand the property back to the original vendor? Sell its? Do you actually own it?? Just want to understand the downside (sorry to be a mood hoover, love that expression of yours 😂)
I had the same question - would be good if James could answer.
But what happens if the owner wants the money now and not in 3 years
Then they’re welcome to sell it to someone offering the money upfront 😅
James how did the contract work? Does the seller still own the hotel as I guess he wouldn't give the ownership in your name until the total is transferred? If so how do you guard against him taking it back? Do you write up a contract with him?
It’s just a private mortgage.
👍
James I’m a full time traveler/digital nomad and I’m launching a travel platform that enables local people in towns and cities rent out their ski gear, surf gear, kayaks, mountain bikes, electric scooters, motorbikes, fishing gear, atvs etc to local tourists/travelers/nomads.
Going skiing? Rent a locals spare skis for 2 weeks at a lower price and get better quality gear.
Heading to the lakes for a month long holiday, rent out some bikes and kayaks for the month from a local.
Heading to the city for a trip? Rent out a locals bike, electric scooter or whatever you may need for the entire stay.
Is there somewhere I can send you a pitch deck as I’m looking for investors.
Host Immigrants you get x4 normal rates from government. ( Risk your hotel might burn down ) But you can hedge down side by buying Insurance.
4x normal rates??? Why do they pay so much?
LOL
@@carlrea the White Hart is filling that gap in Lewes when the refurb is finished, I believe
Will you sell it for immigrants?
It's haunted
Why do you not talk about the reality of buying a hotel so that you can have less event space cost for your personal brand / entrepreneurs war room thing? I know that’s why you bought it, really.
Why was my comment removed? Iain
We haven’t removed any comments. We never do, unless it’s spam.
@@JamesSinclairEntrepreneur Apologies. Not sure what happened. It just disappeared. Any road I have reposted.
May go wellbmay go bad. Prob fill rooms Asylum seekers Taxpayers cash.
I still don’t understand why you have 70k subscribers but you never mention how WE find your hotel? Are you waiting for the 50 rooms?
Its in Maldon
@@Bussellification what’s it called?
Blue Boar@@Cablesmith
Spent all that money but Rossi Ice Cream had a winding up petition against it today! Priorities all wrong
If all else fails, you can always fill it with illegal migrants! Guaranteed income from our beloved home office!
Would like to see you run through how you would fund a business purchase with a small deposit
Hi James well done you keep it up you are doing a great job and having fun making some brilliant videos superstar Ali Walsall west midlands england junction 10 m6 Walsall churckery
'promosm' 💃
Hey james, have you had a re think on the afternoon teas instead of restaurant?
Love your content by the way, especially about the hotel.
@chefsteveowen
Can probably do both, but yeh as I was watching it I thought coffee shop or as you say afternoon teas would be a good one to get the footfall up.