Drysdale & Co sees opportunities in hospitality
The local pub market continues to look positive as many office based corporate workers have the option to work from home on a more frequent basis.
So says Stuart Drysdale, director of Drysdale & Company, Scotland’s first specialist commercial property agency for the hospitality sector which launched at the start of 2021 as the country faced its second prolonged lockdown.
“Operators of good pubs with a quality food provision are looking for local destinations outwith the city centres, where they may continue to have a presence, but then supplement trade with businesses closer to residential areas,” added Mr Drysdale who, despite the continuing effects of Covid19 on the economy, has experienced a strong first year of trading in the business.
“The Scottish hospitality industry has never been short on innovation, coupled with new ideas, and whilst we find ourselves navigating a tricky period in the continued pandemic, there will always be opportunities to look at,” he said.
Launched with the belief that it had a unique proposition for the hospitality sector, Drysdale & Company is a collaboration between experienced commercial property expert, Stuart Drysdale (MRICS), and Alex McKie, managing sirector of the Fusion Group, which owns and runs numerous successful hospitality businesses across Scotland.
Multiple instructions from Hotels to find fresh buyers for premium properties, including the iconic Lake of Menteith Hotel and Poppies in Callander, have combined with referrals from the agency’s extensive network of professional advisors and business owners.
Following the extremely high levels of interest in the leasehold opportunity at Lake of Menteith, Drysdale & Company has now concluded this deal, whilst it’s also been busy successfully disposing of a 20-bedroom hotel in Edinburgh city centre to an International investor.
Drysdale & Company sold Sheddens Inn in Glasgow, a traditional lock-up pub, to an experienced multiple operator in the summer of 2021, and took offers for Jeanie Deans, a wet-led pub in Edinburgh due to open in its new format in January 2022. Bolstering these moves was the appointment of Brian Davidson, who was made a non-executive director of the Fusion Group earlier this year.
Whilst a separate company in its own right, Fusion also runs a meetings & events company, with the two businesses supporting one another in contacts and shared experience.
The latest pub to hit the agency’s books, The Cross Keys in Alva, has offers in after only a week of marketing, presenting an excellent opportunity for a tenant to re-establish the unit.