Drew Pritchard, famed from 'Salvage Hunters', embarked on a daunting challenge as he set out to rejuvenate a five-storey Georgian townhouse in Bath, Somerset. However, he didn't foresee the extent of the financial hardship that would follow.
Drew had allocated £200,000 for renovations, yet found this disappeared after just ten months into the rebuild.
Without access to a bridging loan and with credit cards at their limit, Pritchard had to resort to selling some of his prized antiques and collectibles to sustain the restoration. Revealed in the newest instalment of 'Salvage Hunters: Georgian House Restoration', Drew said that the initiative has been fraught with tension.
"There's been sleepless nights and a lot of worry," he discloses. "I can't back out now, but I don't have a magic money tree."
The restoration of the Grade I-listed building, which Pritchard acquired in 2022 for £1.5 million, is documented in a five-part series on Quest. The property, originally fragmented into flats in the 1970s, was subject to substandard past renovations—errors Drew and his crew are rectifying, reports the Mirror.
Surmounting impediments have escalated costs, prompting the need for an extra £200,000 for completion. Nevertheless, Drew remains unwavering in his commitment to authenticity, choosing traditional resources like plant-based paints despite cheaper modern options being available.
Financial strain intensified when Drew discovered that plumbing and electrical work would set him back by at least £150,000. Left with no other option, he was forced to sell his antiques warehouse in Conwy, along with all its contents.
By this stage, emergency repairs had already been undertaken, including the installation of a new slate roof and the replacement of 28 sash windows. However, despite these measures, the threat of disaster loomed large.
The project was already months behind schedule, and Drew's loan application was turned down, leaving him in a precarious situation.
At one juncture, Drew had to inform his builder, Kieran Dixon Squire, that if funds weren't available in his account by Monday, construction on the house would have to cease. "If I don't get the money, we'll lose the guys," he cautioned.
In an effort to raise capital, Drew resolved to auction off his personal collection, amassed over three decades. The sale features 600 items, including a fossilised Irish elk skull and a rare 18th-century vice procured in Italy.
Despite the potential financial boost from the auction, Drew remained uncertain if the proceeds would suffice to cover his expenses.
"I've collected some amazing things," Drew reflects. "Some I paid far too much for, and some were worth nothing when I bought them. This auction is a gamble. It could help, but it's terrifying and exciting all at once."
The first item to go under the hammer was a sizeable model of Steamboat Willie, an iconic early Disney animation. Drew had snapped it up for £3,500 and was delighted to see it make £5,500 at the auction.
After handling the auction costs, Drew pocketed a tidy profit of £1,200. However, not every piece fetched such a handsome sum – some failed to even reach their reserve price.
Despite this, Drew reckoned the auction had gone rather well, although the proceeds weren't enough to finish the renovation of his house.
With finances still stretched, Drew faced some hard decisions. Opening up to Kieran, he confessed: "I've run out of money," saying further "We'll have to stop work on some parts of the house for now."
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For the time being, he decided to concentrate efforts on the upper two stories – his own bedroom, bathroom, and the guest quarters.
The unfinished parts, including the basement, ground floor with its intended dining room and kitchen, plus the first floor designed for a reception area and study, would need to be put on hold.
Luck was on his side, at least concerning the top floors; Drew had just about sufficient funds to wrap those up, enabling him to move in while work on the rest of the property proceeded. As he toured the refurbished spaces, his joy was palpable.
"I'm fizzing with excitement," he shared, thrilled at the outcome. "It's better than I imagined, and it's exactly what I wanted."
Nevertheless, Drew is acutely aware that the renovations are far from complete. The project still desperately requires an influx of cash, and he might soon face an agonizing choice.
To see the restoration through, Drew might have to give up his most prized asset.
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