Acting on behalf of the landlord and owner Shepherd Cox Hotels, Christie & Co offered a new lease with flexible terms and minimal in-goings for a trading business with a full staff complement and decent reputation.
Mark Worley, Director at Christie & Co’s Newcastle office who handled the sale comments; “Our client is a large national firm of hotel operators and they purchased Chapters back in 2016 to add to their growing portfolio, which includes a number of hotels in the area including The Hartlepool Grand, The Croft Spa at Hurworth and The George Hotel at Piercebridge. With only a dozen bedrooms however, it soon became clear that Chapters did not fit their business model, so rather than sell the hotel, they asked me to find a suitably experienced and innovative tenant who would invest in the site and to take the business to the next level.”
After a concerted and thorough marketing programme which generated interest from numerous potential tenants, the stand out candidate was Andrew Lyndon-Dykes, a former venture capitalist and management consultant who owns a number of companies outside the leisure sector. He and his business partner Mark Hodgson have now completed the deal to take over the hotel.
Andrew comments; “My wife, Michelle and I are seasoned travellers and diners, between us clocking up over 4,000 hotel stays and 7,000 meals out during our business dealings. We feel that this gives us an excellent insight into what travellers and diners want.
“We have grand plans for the future of Chapters, we will be changing the menus, providing consistently high quality food and there will also be a cafe menu including traditional afternoon teas to fully utilise the wonderful garden which overlooks the river. We also intend to cater for meetings, conferences and events, and we have a very exciting idea for the bar, however this must remain a secret for the moment.”
Mark Worley concludes, “Exciting times indeed for Chapters, and we wish Andrew and Mark well in this venture.”