Hotel for saleThe Inn at Lathones, Largoward by St Andrews, Fife, KY9
- Business for sale
- Lounge bar, restaurant & The Stables function venue
- 21 bedrooms in courtyard development
- East Neuk location, close to St Andrews
- Strong reputation with improving sales of circa £600,000 per annum
- Potential for two bed owners accommodation
- Energy Performance Rating Band G
- Guide Price £795,000
The Inn is situated 5 miles West of the renowned university town of St Andrews, one of Scotland's foremost tourist attractions and the world famous "home of golf".
Largoward straddles the main A915 Kirkcaldy to St Andrews road route, and the Inn at Lathones lies on the East side of this main road, just to the North of Largoward, and in an attractive rural setting.
St Andrews, and the North East Fife coast is particularly synonymous with golf, boasting a number of world famous and world class golf courses including the Old Course, St Andrews Fairmount, Kingsbarns and Crail.
The Inn at Lathones, despite its rural setting is well positioned to draw trade from Fife and further afield.
The Inn comprises a series of buildings some of which date back over 400 years with The Stables being the oldest part. As such, there are many period features throughout.
The front section comprises a two storey building containing the bar and restaurant areas with owners/office accommodation above.
There are various extensions and additions providing the letting bedrooms, with the development forming a courtyard style setting, with attractive garden areas.
To the South of the Inn is a large car park from which the bedroom and public accommodation is accessed. There is a chalet on site which provides staff accommodation and a double garage currently utilised for storage. There is also an enclosed beer garden adjacent to the main entrance.
The main Inn is entered by means of a rear vestibule, and this leads directly into the reception hallway. The front portion comprises the lounge bar with feature stone walls and attractive timber beams, and there is also a fireplace with a wood burning stove. The restaurant is similarly appointed and caters for 34 covers, also with similar features. To the rear of this lies the kitchen which is spacious and fitted to a modern standard.At first floor level, former owner's flat which is now utilised for administrative office and general storage purposes. This is configured as a lounge, two bedrooms and a bathroom and with a degree of refurbishment could provide spacious owner's accommodation.
The stables venue lies to the rear of the main building, and is utilised regularly for functions to include smaller weddings, celebrations, party nights and similar, accommodating up to 60 seated. It has been utilised it the past as an intimate music venue at which time it had a renowned name attracting many musicians.
It has feature stone walls, a brick floor, wood burning stove and there are attractive beams on display. The Stables can be accessed separately from the outside/car park.
The letting accommodation comprises 21 en suite bedrooms which are finished to a quality standard throughout, with all rooms having zip and link beds, and therefore are able to be presented as doubles or twins. The accommodation comprises - Coachmans - the extension to the immediate South of the Inn, also fronting the main road, has four rooms at ground floor level, with the front two rooms having accessible facilities and access way to the car park.
The Hayloft - above the Coachmans, at first floor level, there are two bedrooms.
Smithys - the cottage style bedrooms lie towards the Northmost boundary of the site and comprise seven bedrooms.
Old Forge Lodges & Suites - within the more modern extension which lies to the immediate rear of the Inn (the Eastmost boundary) there are a further six bedrooms at ground floor level, four of which have patio doors leading out to an area of exclusive timber decking with attractive views over the countryside.
The first floor accommodation provides two suites with living room, bathroom and large bedroom, and in each case both the living area and the bedroom have access to a private balcony.
We would summarise the accommodation as undernoted:-
Ground Floor Entrance vestibule, reception hallway, lounge bar and restaurant. Kitchen and ancillary facilities. The Stables venue.
First Floor Former owner's flat with lounge, 2 bedrooms and bathroom.
Old Forge Lodges & Suites
6 ground floor bedrooms, four with decking area.
2 first floor suites with private balconies.
4 ground floor bedrooms (two accessible)
2 first floor bedrooms
Garden grounds within courtyard development.
Large car park.
Mains water, electricity and drainage. LPG.
Our client has owned the business for 20 years, however, the business is fully managed on their behalf. The business offers an ideal opportunity for a couple/family to operate hands on to further develop the income and profits currently generated.
Rated a 3 Star Inn with Visit Scotland, the business provides 21 guest bedrooms, with accommodation income accounting for circa 55% of sales, the remainder food and drink.
The business has a great reputation for food with local seasonal produce utilised. Lunch is served from 12 noon - 5 pm and dinner from 6 pm - 9 pm. Breakfast and snacks are also available.
In the past The Stables has operated as a renowned music venue, however, it is currently popular for functions to include smaller weddings, celebrations, party nights and similar. The Inn is licenced for civil ceremonies.
Further information in respect of the business can be obtained from its informative website www.innatlathones.com
Financial documentation will be provided to interested parties after viewing and confirmation of their interest. Income for the year ended 30 April 2017 was £597,978, net of VAT an increase from the previous years. The gross profit is excellent at circa 82 - 83%.
The asking price includes the trade inventory which, we are advised, is owned outright and is not subject to any lease purchase, hire contract or similar finance arrangement.
Selected standard industry items such as vending machines and similar are likely to be subject to some form of agreement and details will be provided upon request.
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