CLOSING DATE FOR OFFERS: THURSDAY 11TH AUGUST 2022 AT 12 NOON
Description
Cobleland Caravan and Camping Park is immediately adjacent to the River Forth, in a tranquil riverside setting. The park has a large open plan caravan/motorhome area adjacent to the river and incorporates a raised area, much of which is set in woodland. In total, the site extends to approximately 14 acres.
The Business
Cobleland Caravan and Camping Park trades with touring pitches only. The caravan park does have a substantial number of pitches (126) and may be more suited to use as a static caravan park or partly static, with the addition of more permanent accommodation such as lodges, glamping pods and yurts etc. The business achieved total revenue in the region of £215,000 net of VAT to year end February 2022 and an EBITDAR (Earnings Before Interest, Tax, Depreciation, Amortisation and Rent). in the region of £135,000.
A summary of the historic accounting information is provided below:
Year End February 2022:
Total Income - £216,619
Total Costs - £82,404
EBITDAR - £134,216
Year End February 2020:
Total Income - £145,696
Total Costs - £84,282
EBITDAR - £61,409
Year End February 2019:
Total Income - £162,147
Total Costs - £97,161
EBITDAR - £64,987
Note:
The business did not operate to year end February 2021. The level of sales are comparatively low. Historically, the business has been operated under management. In our opinion, the level of revenue could be increased significantly under private “hands-on” management.
The Opportunity
Cobleland Caravan and Camping Park is situated in a good central trading location. The business operates as touring pitches only and, in our opinion, may be more suitable for operation as a whole or in part for static caravans, as well as adding additional accommodation on site, which may include lodges and glamping pods etc. (subject to the necessary consents). The site demise is extensive and there is ample room for expansion.
Consideration may be given to offsetting an element of the premium against tenant capital expenditure. This will very much depend on the tenant’s future plans for the park.
EPC
A copy of the EPC can be provided to interested parties.
Location
Cobleland Caravan and Camping Park is situated within a mainly wooded area to the north of the village of Gartmore, close to the A81, one of the main arterial routes linking the north of Glasgow to Aberfoyle. The area is renowned for outdoor pursuits, with a number of lochs, including Lake of Menteith, Loch Ard, Loch Katrine and Loch Venacher all situated within a short distance. The site lies immediately adjacent to the River Forth.
Gartmore and Aberfoyle
Gartmore and Aberfoyle, together with the surrounding area, are situated within Stirlingshire and are a popular tourist destination, particularly during the summer months. The area lies only approximately 1 hours’ drive time from the core central belt of Scotland and, we would estimate 50% of the Scotland population is within a one hour drive time. There are many attractions in the area, which include Loch Ard, Loch Katrine and Loch Venachar and the Lake of Menteith (the only designated lake in Scotland). The area will be particularly popular for short stay tourist trade with visitors partaking in the many outdoor pursuits available.
Accommodation
Pitches
The caravan park has consent for 126 pitches, of which 40 have electric hook-up points.
Reception
The reception is formed within a converted, detached bungalow building. The reception occupies the entrance/front area to the bungalow and there is a self-contained flat within the remainder of the bungalow. There is a small private garden to the rear. The flat has a living room, kitchen, bedroom and bathroom.
Amenity Blocks
There are 2 amenity blocks providing a variety of showers and toilets. Both buildings are single storey under tiled roofs and with roughcast and painted outer walls. The buildings include launderettes and wash up areas.
Other
Children’s play area and workshop/storage buildings.
Services
We understand that the caravan park is connected to mains electricity and water. There are septic tanks on site and LPG gas tanks.
Terms
Asking Terms:
The site and business have been placed on the market based on a new long-term lease. The rent is £32,500 per annum and we are seeking Premium Offers Over £85,000 for the business. The lease will be on a tenant full repairing and insuring basis. We anticipate the lease will be for a term of 15 years with rent reviews at 5 yearly intervals. The lease length is open to negotiation dependant on a tenant’s long-term plans, and may include a future turnover rental calculation.
Specification
IMPORTANT INFORMATION
Background
Forestry and Land Scotland ( FLS) do not directly operate the Caravan and Camping site and are landlords of the site. FLS acquired the Camping and Caravanning Club’s (the operator) tenant’s in terest on the 28th February 2022. The Camping and Caravanning Club continue to manage the site under a management agreement which is due to expire on the 30th November 2022.
Accounting Information
The financial information contained within the marketing brochure and the detailed profit and loss accounts (which can be provided to seriously interested parties) are management accounts prepared by the Camping and Caravanning Club. Whilst FLS are not aware of any inaccuracies in the financial information, they did not prepare the financial information and do not directly operate the business. As such, FLS give no warranty whatsoever to an incoming tenant/purchaser in relation to the accuracy or otherwise of all financial information. Any incoming tenant/purchaser must satisfy themselves through preparation of their own business plan on the likely future performance of the business.
TUPE/Staff
As with the sale of any going concern business, staff who are employed at that business will transfer over to the purchaser/incoming tenant under TUPE regulations. There are a number of staff on seasonal contracts and these contracts expire on a seasonal basis, although, where there are nonseasonal staff employed, then TUPE transfer will apply.
Offers and Closing Date
A closing date may be set during the marketing process, inviting offers from interested parties. Our clients are not bound, at any time, to accept the highest or, indeed, any offer
for the individual site. In the event that a closing date is set, the interested parties who have previously registered interest with CDLH will be advised of that closing date. At the closing date, interested parties will be advised of the assessment criteria for offers which are received.
Site Licence
The park does not have a site licence as the park has benefited from approved organisation exemption. The landlords are investigating whether this approved exemption
can be retained under a new lease. If it cannot be retained, the landlords will commence the process of obtaining a site licence. It is anticipated a licence (if required) will be in place by Autumn 2022.