The transaction progressed from heads of terms to completion in seven weeks, completing on Friday 4 August, and sees our clients, both companies within the Healeys Cyder group, take ownership of destination venue Gylly Beach Café from private owner-operators.
The 170-cover licensed restaurant site includes the home of water sports operator Gylly Adventures and is further complimented by a bakery and retail kiosk leased from Cornwall Council with the exclusive rights to operate commercial activities across the beach.
The acquisition follows on from our clients’ August 2022 purchase of Five Degrees West, also in Falmouth, where Murrell Associates advised the outgoing seller.
Cyderhouse’s managing director, Joe Healey said:
“We had our hearts set on Gylly before it came to market so when the opportunity arose, we put our best foot forward to secure it.
The blend of a well-regarded business, real opportunities for sustainable growth based at a stunning beachside location, truly was a once-in-a-generation opportunity.”
On the support from Murrell Associates, Joe went on to say:
“David and the team were awesome. Murrells’ depth of expertise gave us quick, astute advice across a range of issues which crucially for us, worked with our ambitious timescale.”
David Williams said of the transaction:
“Gylly is rightly viewed as a first-choice destination venue and this deal confirms that despite the over-publicised difficulties that the hospitality sector is grappling with, when opportunities such as this arise, there is appetite and competition in the market.
The site’s potential as an immersive hospitality experience is a clear and our team takes a lot of satisfaction from working with a locally based, established brand to deliver the first step in realising their ambition.”
Trowers & Hamlins represented the sellers with a team including Stuart Mathews, Jonathan Holloway, Luke Cummings (Corporate), Lucie Allen and Tom Craig (Property).
The transaction was introduced by the seller’s agent Mike Easton at Vickery Holman.
Note to Editors:
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