Lyme Regis is famed for its historic connections and characterful buildings and, of course, for its renowned Cobb Harbour. The picturesque and unspoilt town has a good selection of shops and local amenities, in addition there are numerous leisure activities on offer including both sailing and power boat clubs, a cliff top golf course and a bowling club. The town lies approximately five miles from the market town of Axminster, with its main line railway connections to Waterloo (approx. 2 3/4 hours). Taunton and Exeter are within a radius of about 30 miles with access to the M5 motorway and the county town of Dorchester is a similar distance. The film 'Ammonite' starring Kate Winslet and Saoirse Ronan which is due to be released in 2020 was filmed in Lyme Regis and tells the story of Mary Anning, a fossil hunter from the 1800s and will no doubt increase the tourism to the area once released.
The Nags Head is a traditional coaching house dating back to the Victorian era. The business comprises of an attractive property of traditional build of brick and flint stone under a slate roof that can be traced back to 1900. It occupies an elevated site with extensive views over Lyme Regis to the sea and Dorset coastline beyond. There are currently four letting rooms in use and a further three that are in the process of being redecorated, once finished there will be a total of seven letting rooms bringing in additional revenue.
James and Rebecca De-Voisey purchased the pub just over two years ago and have extensively refurbished large parts of the business, they are now looking to explore other business opportunities so have made the decision to sell. They commented, “We have thoroughly enjoyed our time at The Nags Head and being at the centre of a vibrant local community. During our time at the pub we have invested in it, improved its profitability and it still has further opportunities to develop. We feel we have helped secure its future as a successful business and community hub and, by doing so, it offers the new owners the opportunity to really take it forward and continue to grow the business.”
There are already £10,000 of guest room bookings in the pipeline for 2020 and there is a strong year-round trade which peaks in the main tourist periods. The current owners are ‘hands off’ and staff run the business on their behalf, so there is huge potential to increase profits if a new owner was to manage the business themselves. Rebecca and James do not currently offer food at the pub and a new owner could open up the kitchen in order to realise a whole new income stream.
Lloyd Colin, Business Agent at Christie & Co, is handling the sale and comments, “This a very profitable pub and there is still scope to increase those profits even further. We expect a high level of interest due to the location of this business and the fact that it is free of tie, with an additional three bedrooms still to be added to the letting accommodation.”
Christie & Co are offering the freehold interest in The Nags Head at an asking price of £595,000.
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