Fusion targets hospitality with Drysdale & Co
Stuart Drysdale: collaboration
Fusion Group has launched Drysdale & Company, a commercial property agency targeting opportunities in the troubled hospitality sector.
Drysdale, based in Denny, is a collaboration between chartered surveyor, Stuart Drysdale and Alex McKie, managing director of The Fusion Group, and will operate as an independent business.
Mr Drysdale, who has been involved in the sale of more than £50m worth of hospitality assets, said: “Between us, Alex and I have well over 40 years of combined experience in the hospitality sector. We are very excited to launch this new agency.”
He said that he expected to see a shift in trading patterns, and ultimately, values for the foreseeable future, with staffing levels likely to reduce in the short term, but with quality of product and service expected to remain the same as they were pre-Covid.
“We expect to see a rise in the popularity of self catering and exclusive use accommodation,” he said.
“Rural businesses should also fare better as more people choose to holiday closer to home and explore parts of the country they may not be familiar with.”
He pointed to challenges in the cities, particularly reduced footfall due to a higher percentage of people working from home.
“There will be an increased need for revised rents in many city centre hospitality venues, to reflect the adjustment in trade many businesses will see in the short to medium term.
“Hopefully, with the continued roll-out of the vaccine programme, coupled with improving seasonal temperatures, we will start to see customer numbers across the hospitality sector returning towards pre Covid levels later in 2021.”
Mr McKie, pictured, said: Having gone through the purchasing and disposal experience ourselves with our own property portfolio, I definitely see a gap in the market for our combined approach and even more so now than ever.
“From Fusion’s point of view, we have never been scared by downturns or times of recession, having launched our meetings & events company 11 years ago in the teeth of a recession.”