Graham + Sibbald were appointed to dispose of the heritable interest in a family run, high volume restaurant in Aviemore. The property had been on the market with another agent for 18 months, prior to G+S engagement. Our Hotel + Leisure team reviewed the pricing and marketing strategy with the clients and saw a few glaring omissions and concerns in the marketing literature at a price of £1.75m.
Our team represented the restaurant on the market and using our targeted marketing portals, mediums and approach, we were able to gather three interested parties within a matter of weeks of our instructions. A verbal offer in excess of the original asking price was obtained within 8 weeks of commencing the campaign.
Due to the ownership structure and it being in the family for over 40 years, and the number of staff accommodations which needed to be included in the deal, missives took around 9 months to conclude. During this process we agreed between all the parties to change the transaction to being a share sale agreement rather than a Transfer of a Going Concern (TOGC) disposal and this unlocked a 6 figure sum for the Vendors in tax savings.
The restaurant was part of the High Range Hotel and Lodges site and so the separation of the two businesses meant that the sale took longer than normal to complete. The Taverna and High Range Hotel and Lodges has been owned by the Vastano Family for over 40 years and the family will continue to run the High Range Complex.
The vendors realised how important it was to attract the right individual to the business and the purchaser also recognised the uniqueness of this highly successful family-run business. Graham + Sibbald are delighted to announce that the deal sees Toni and Nando Vastano stay on within the company and work alongside Stephen White in the business for the next few years.
Separating the two businesses involved a lot of work and dedication and the deal’s success was, in no small part, down to the belief and determination of the purchaser and vendors to see it through to a successful conclusion.