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A franchise holiday firm is offering property sourcers a £10,000 finder’s fee for uncovering suitable properties to convert into backpackers’ hostels.

Journeys provides budget accommodation for travellers and runs six hostels in London, Brighton and Kent.

The firm is looking to expand across the UK and is seeking suitable properties in London, Oxford, Cambridge, Newquay, Bath, the Lake District, Manchester, Liverpool, Cardiff, Edinburgh and Glasgow.

Prospective properties must be at least 6,500 square feet, have a minimum of 10 rooms and ideally be located close to transport links.

They should also be well positioned for visiting major tourist attractions or universities and preferably have ground floor street frontage or the potential to open up a streetside entrance.

The company has already lined up several franchisees – but it is still hunting for the right properties before they can open.

Journeys’ five-year franchises involve a fee of £12,500, plus investors have to fund property and business set-up costs. This is renewable for unlimited five-year terms, with no further fees payable, as long as the business continues to run according to the rules of the agreement.

Franchisee earnings are dependent on the number of beds per property. Journeys estimates that after three years of business, a hostel with 50 beds can return a profit of £57,000 after all costs. A 150-bed unit will return £97,000 in the same period.

The firm maximises profit by installing three-tiered bunk beds with privacy curtains. Hostel customers pay an all-inclusive rate, covering bedding and breakfast, showers and internet access. Most also have a bar on site.

Prices vary according to season and location, but average at around £15 to £20 per person per night.

Individuals or groups can make bookings online or at one of the linked branches in London, Manchester, Sydney, and Kuala Lumpur.

For more information, contact 020 7231 4672 or go to the Journeys web site [link: http://www.visitjourneys.com/]