A 113 year-old Whitby guest house is set to undergo significant interior renovation after being acquired by new owners with the support of a six-figure funding package from Lloyds Bank Commercial Banking.
The Edwardian Grove Guest House, which was purpose-built as a hotel in 1905, was bought in August 2018 by husband-and-wife team Danny and Joanna Lans.
The property will now see £20,000 of investment over the coming three months to install a new kitchen, buy new bedroom furniture and upgrade its existing dining room sets.
The new owners are also exploring options to develop land adjacent to the existing premises by either expanding the hotel with a new restaurant, or constructing a bicycle rental facility for guests and local residents.
As a result of the renovations, coupled with Whitby’s popularity as a tourist destination, the new owners are expecting to see the guest house’s annual turnover almost double from £80,000 to £150,000 over the next three years.
To help meet an anticipated increase in demand, the business – which is currently run entirely by Danny and Joanna – is expecting to hire up to two new staff by the end of 2019.
The Grove Guest House sleeps 20 guests and offers eight double en-suite guestrooms along with a self-contained one-bedroom suite.
Danny Lans, co-owner, Grove Guest House, said: “This is the first time that we’d looked to purchase a hotel business, and the Grove Guest House was an immediately attractive proposition.
“As well as being a beautiful building, the hotel also offers on-site parking, which is a major draw for visitors in a town such as Whitby where parking space is in short supply.
“The support offered by Lloyds Bank has been invaluable in making this purchase happen. We’ll be continuing to invest in upgrades to the hotel’s interior over the coming months to ensure that we can offer the most comfortable experience possible for our guests.”
Stuart Hodgson, relationship manager, Lloyds Bank Commercial Banking, said: “Whitby’s reputation as a historical centre, its vibrant cultural scene and its location on the North Yorkshire coast continues to make it a hotspot for visitors from across the country and beyond.
“With its town-centre location, the Grove Guest House is in an ideal position to offer some of the best of local hospitality to visitors from across the UK and beyond.
“Supporting small businesses owners across Yorkshire in starting or growing their businesses is a key part of our commitment to helping Britain prosper. Since 2011, we’ve increased our net lending to SMEs by 33%, while the market as a whole has contracted by 12%.”