Bookended by two global crises, Peter and Mark’s decade running an award-winning hotel in France was eventful and rewarding. And at least efficient currency exchanges were something they could rely on. As Smart Currency celebrates its 20th year, we spoke to Peter Friend about his long relationship with us and what makes an award-winning business.
Their move from London to France allowed Peter and Mark to meet wonderful people from all over the world, bring gorgeous properties back to life, travel throughout Europe using their home as a base and run a successful business. But how did it all start?
The story began when business development manager Peter Friend and his partner Mark Barber – who worked in London hotels – were approaching their 40s and looking for a new challenge, such as opening their own luxury hotel in France.
Moving money
Sending a huge amount of money overseas was a worry, initially. “We first met Smart Currency founder Charles Purdy in 2005 at a French property exhibition in London, Olympia. We had a substantial amount of money to transfer at a time when there was a lot of volatility in the market so we were looking for someone who inspired confidence.”
Although Smart Currency had only been operating for a year or so at the time, Peter says: “Speaking to Charles, and his own background, gave us the confidence to go with Smart. There were other bigger companies but they didn’t have the same personal contact. That was important.”
They eventually found an eight-bedroom, 1930s mansion in the market town of Mazamet, in the Tarn in south-west France and used Smart Currency to make payments for the deposit and completion three months later.
La Villa de Mazamet, in the Tarn, Peter & Mark’s first project in France
While continuing to receive an income from the UK the couple spent three years renovating it. However, as renovations were nearing an end the financial crash hit and the value of sterling plummeted from above €1.40 to below €1.15. “We opened in the spring of 2009, just after the financial crash, which wasn’t ideal. So, it was a massive amount to spend before we opened.”
Even so, says Peter: “We were fulfilling a dream, which many people say they’d like to do, but we actually made it happen.”
An award-winning business
Making La Villa De Mazamet into an award-winning luxury chambre d’hôte they were certainly helped by the skills they had acquired in business development, marketing and hotels. But Peter says that people skills are just as important, especially when dealing with different nationalities.
His favourite guests? “Definitely the Australians, who in the end made up 25% of our business. They make a real effort to get to Europe so they come for a long time and have a really good attitude about life and travel and enjoying themselves.”
When it became obvious that 80% of the business came from Easter to October, they opted to close for a couple of months each year – “one month for repair and maintenance and another for travel”, says Peter. “While the working months meant getting up at 6.45am and finishing at 11.30pm, it was a good balance in the end. And it was a lifestyle we chose”.
Peter was able to spend time as a travel writer on France, and they were invited back to visit former guests in Australia and the USA.
After a decade of hard work and approaching their 50s, they were ready for a new challenge. Once again, a global crisis complicated matters: “Covid hit and we were stuck in France. So, we bought a new property and renovated it.
“When we were able to come back to the UK we contacted Smart again. Having had that relationship before, it helped us to move back to the next chapter of our lives. I just picked up the phone and did the transaction.”
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What makes great service?
Peter puts down much of their success as hoteliers to their people skills and a personable, friendly, service-based ethos.
“People deal with people, not companies. And with Smart there is always someone there you are dealing with, a named person, and if you have any issues they will be picking up the phone.”
It is why he appreciates Smart Currency too: “People deal with people, not companies. And with Smart there is always someone there you are dealing with, a named person, and if you have any issues they will be picking up the phone.”
In any professional service Peter looks for a fast response in email, a person at the end of the phone, and a hand-holding service when required: “You build up that rapport and relationship with a company.”
Onwards and westwards
They have now returned to the UK to live in Cornwall, says Peter, to a new and equally exciting business venture. “We’re taking a gap year before starting a new business. It will be a tour company called Cornish Tours, taking small groups out on experiences they probably wouldn’t be able to source themselves. Cornwall is known for its natural beauty and beaches and pasties, but there are also eight different gin distilleries and three vineyards that we know of for a start.”
Continued success seems assured for the dynamic duo, even without another economic crisis to spur them on.
