Wed, 15 Jun 2022 | BUSINESS SALE
Online holiday accommodation platform Sykes Holiday Cottages has continued to diversify its offering with the acquisition of static holiday caravan rental website UKCaravans4hire. The acquisition brings more than 6,000 holiday rental properties across the UK into Sykes’ existing portfolio of more than 22,500 homes.
The takeover of Huddersfield-based UKCaravans4hire fits into Sykes’ strategic aim to become the UK’s leading platform for alternative holiday accommodation. The deal follows its recent acquisition of Forest Holidays, which owns and operates a portfolio of environmentally sensitive holiday cabins.
Backed by private equity firm Vitruvian Partners, Sykes has been one of the major beneficiaries of the soaring popularity of domestic holidays since the start of the COVID-19 pandemic. Over recent years, the acquisitive company has rapidly expanded its portfolio of properties by snapping up a series of smaller regional operators.
The group’s growth strategy is seeing it increasingly target acquisitions outside of its core holiday cottages and homes offering. This year, the company expects its properties to be used by more than 2.65 million holidaymakers and says it is on track to register revenues of more than £170 million for 2022.
Sykes Chief Executive Graham Donoghue said: "As the UK's leading provider of static caravan rentals, UKCaravans4hire is the perfect business to have by our side as we enter into this new market, offering UK holidaymakers an unmatched choice of affordable and high-quality accommodation.”
"It's a transformative time for Sykes as we accelerate our ambitions to become the leading name for UK tourism. We see huge potential in UKcaravans4hire to serve what is currently an underserved market, applying our expertise and market-leading technology to grow the business and catapult it to even greater success."
Post-acquisition, UKCaravans4hire will continue to operate independently, with its existing leadership team in place, but will work under a newly-formed parent firm.
UKCaravans4hire founder and CEO Gareth Irving said: “Looking ahead, we’re ideally placed to reap the rewards of growing demand for affordable staycations, working with Sykes to grow our business and promote our holiday homes to a wider audience.”
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Read about some recent Sykes acquisitions:
Sykes Holiday Cottages continues expansion with double acquisition
Sykes further expands portfolio with Northumberland acquisition
Sykes continues M&A drive with takeover of North Wales cottage firm
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