Aberystwyth Business Expands with Acquisition of Guest House

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Development Bank of Wales , 30th June 2022

Hoteliers Janet and Windsor Morgan are retiring after 26 years as the owners and managers of Sunnymead Guest House on Bridge Street in Aberystwyth.

Local entrepreneur Stuart Stephens has purchased the guest house, adding to his portfolio of local leisure and hospitality businesses which includes the popular Bar 46 on the same street as Sunnymead. His son Dale Stephens will manage both businesses.

With an excellent reputation, Sunnymead has five guest bedrooms plus a separate three bedroom property to the rear that will be rented out as self-contained accommodation. Refurbishment work has already begun to upgrade and modernise of all rooms and customer areas.

Stuart Stephens and Matt Godfrey

Advised by Matt Godfrey of Cornerstone Finance, Stuart has secured a £160,000 loan from the Development Bank of Wales. He plans to continue the legacy left by the previous owners and push the guest house on in 2022, aligning his complimenting businesses to work in conjunction with each other going forward.

Stuart Stephens said:

I know how hard Janet and Windsor have worked to build a great reputation for Sunnymead so I was keen to ensure that the business could continue to thrive after their retirement, particularly as it provided much needed accommodation for local workers and tourists and is so close to Bar 46.

The support of Matt at Cornerstone Commercial Finance and Emily at the Development Bank of Wales means that I now have a business plan and the capital required to acquire the business and make the investment needed to ensure long-term success.

Matt Godfrey, Commercial Manager at Cornerstone Commercial Finance said:

We are delighted to have secured Stuart the funding needed to add Sunnymead to his growing portfolio in Aberystwyth. Emily’s expert support on the projections meant we could ensure Stuart met the affordability criteria and obtained the appropriate funding structure. As a result, Stuart benefits from interest-only repayments for the first six months while establishing and growing his consumer base. This deal was a great one for our client and the town’s tourism sector, and we’re looking forward to seeing the finished result.

Emily Jones, Assistant Investment Executive at the Development Bank of Wales, commented:

As a family run guest house in the thriving community of Aberystwyth, we are pleased to have supported Stuart with the purchase of Sunnymead. The finance from the Wales Business Fund means that the business can continue to trade successfully, therefore retaining employment for local people and providing much-needed accommodation for visitors and tourists alike as well as medical staff who require short-term accommodation when working at the hospital.

The £204 million Wales Business Fund is financed by the European Regional Development Fund, the Welsh Government and the Development Bank of Wales. Loans, mezzanine finance, and equity investments are available for deals between £50,000 and £2 million with terms ranging from one to seven years for small and medium-sized businesses (those with fewer than 250 employees) based in Wales, or willing to relocate to Wales.

Mae’r gwestywyr Janet a Windsor Morgan yn ymddeol ar ôl 26 mlynedd fel perchnogion a rheolwyr Gwesty Sunnymead ar Stryd y Bont yn Aberystwyth.

Mae’r mentergarwr lleol Stuart Stephens wedi prynu’r gwesty, gan ychwanegu at ei bortffolio o fusnesau hamdden a lletygarwch lleol sy’n cynnwys y Bar 46 poblogaidd ar yr un stryd â Sunnymead. Ei fab Dale Stephens fydd yn rheoli'r ddau fusnes.

Gydag enw rhagorol, mae gan Sunnymead bum ystafell wely i westeion ynghyd ag eiddo tair ystafell wely ar wahân yn y cefn a fydd yn cael ei rentu fel llety hunangynhwysol. Mae gwaith adnewyddu eisoes wedi dechrau i uwchraddio a moderneiddio'r holl ystafelloedd ac ardaloedd cwsmeriaid.

[caption id="attachment_151232" align="aligncenter" width="600"] Stuart Stephens and Matt Godfrey[/caption]

Gyda chyngor Matt Godfrey o Cornerstone Finance, mae Stuart wedi sicrhau benthyciad o £160,000 gan Fanc Datblygu Cymru. Mae'n bwriadu parhau â'r etifeddiaeth a adawyd gan y perchnogion blaenorol a gwthio'r gwesty bach ymlaen yn 2022, gan alinio ei fusnesau ategol fel eu bod yn gweithio ar y cyd â'i gilydd wrth symud ymlaen.

Dywedodd Stuart Stephens:

Rwy’n gwybod pa mor galed y mae Janet a Windsor wedi gweithio i adeiladu enw da iawn i Sunnymead felly roeddwn yn awyddus i sicrhau y gallai’r busnes barhau i ffynnu ar ôl eu hymddeoliad, yn enwedig gan ei fod yn darparu llety y mae mawr ei angen ar gyfer gweithwyr lleol a thwristiaid ac mae o mor agos at Bar 46.

Mae cefnogaeth Matt yn Cornerstone Commercial Finance ac Emily ym Manc Datblygu Cymru yn golygu bod gennyf bellach gynllun busnes a’r cyfalaf sydd ei angen i gaffael y busnes a gwneud y buddsoddiad sydd ei angen i sicrhau llwyddiant hirdymor.

Dywedodd Matt Godfrey, Rheolwr Masnachol yn Cornerstone Commercial Finance:

Rydym wrth ein bodd ein bod wedi sicrhau’r cyllid sydd ei angen ar Stuart i ychwanegu Sunnymead at ei bortffolio sy’n cynyddu yn Aberystwyth. Roedd cefnogaeth arbenigol Emily i'r rhagamcanion yn golygu y gallem sicrhau bod Stuart yn bodloni'r meini prawf fforddiadwyedd a chael y strwythur ariannu priodol. O ganlyniad, mae Stuart yn elwa ar ad-daliadau llog yn unig am y chwe mis cyntaf wrth sefydlu a thyfu ei sylfaen defnyddwyr. Roedd y fargen hon yn un wych i’n cleient a sector twristiaeth y dref, ac rydym yn edrych ymlaen at weld y canlyniad terfynol.

Dywedodd Emily Jones, Swyddog Buddsoddi Cynorthwyol gyda Banc Datblygu Cymru:

Fel gwesty teuluol yng nghymuned lewyrchus Aberystwyth, rydym yn falch o fod wedi cefnogi Stuart i brynu Sunnymead. Mae’r cyllid o Gronfa Busnes Cymru yn golygu y gall y busnes barhau i fasnachu’n llwyddiannus, gan felly gadw cyflogaeth i bobl leol a darparu llety y mae mawr ei angen i ymwelwyr a thwristiaid fel ei gilydd yn ogystal â staff meddygol sydd angen llety tymor byr wrth weithio yn yr ysbyty.

Ariennir Cronfa Busnes Cymru gwerth £204 miliwn gan Gronfa Datblygu Rhanbarthol Ewrop, Llywodraeth Cymru a Banc Datblygu Cymru. Mae benthyciadau, cyllid mesanîn, a buddsoddiadau ecwiti ar gael ar gyfer bargeinion rhwng £50,000 a £2 filiwn gyda thymhorau’n amrywio o un i saith mlynedd ar gyfer busnesau bach a chanolig (y rhai sydd â llai na 250 o weithwyr) sydd wedi’u lleoli yng Nghymru, neu sy’n barod i adleoli i Gymru.