Wedding Venues - Still Time To Party

Following a very tricky trading period for wedding venues during the pandemic, wedding venue operators have experienced a post covid bounce achieving record bookings and turnover. Many of the cancelled weddings were postponed into the second half of 2021 and 2022, with a domino effect into 2023 – demand remains artificially higher than the pre pandemic average. This means that many venues will be able to reclaim some of the pandemiccaused losses over the coming 12-24 months, although this is tempered by the frequent honouring of original pre-pandemic agreed prices, meaning that the margins on each event are likely to come under pressure, particularly in the current climate of rising costs.

Despite this, most are reporting a significant turnaround in profit. Therefore now is proving to be a good time for operators to capitalize on a resurgence of profits with many taking the opportunity to refinance or invest in their venues.

Added to this, in March 2022 the Marriage Act was reformed to allow couples in England to marry fully outdoors or under a partially covered structure; existing approved premises are now permitted to host outdoor weddings without reapplying for their licences. This follows the temporary relaxation of rules governing outdoor weddings during the pandemic. This change presents a considerable opportunity for existing venues to broaden their offering and allows for the creation of new styles of outdoor venue, including increasingly popular woodland weddings, continuing the established trend of increased demand for alternative venues particularly old manor houses and buildings of historic interest (such as barn conversions).

In recent months we have been able to advise a range of wedding venue operators on the impact on value of such proposals and changes in trading results. Whilst there are some concerns over operational headwinds, we expect quality assets with a permanent event venue, capacity for 100+ guests, overnight guest accommodation, good travel connections, sound records of trade & future bookings, limited planning conditions governing the use of the venue for weddings and events, and with a church nearby with similar capacity, to continue trading profitably.

The market is dominated by lifestyle purchasers with limited corporate owner operators therefore the market is always going to prefer properties with owner/managers accommodation.

With our experience in advising on the viability, value and sale of wedding venues we are able provide a complete package to would be and existing wedding venue operators.