Tue, 30 Nov 2021 | BUSINESS SALE
Sykes Holiday Cottages has added another 500 properties to its portfolio after acquiring a holiday cottage company based in Alnmouth. The deal for Northumbria Coast & Country Cottages takes Chester-based Sykes’ offering to 20,500 properties, following its recent acquisitions of Best of Suffolk, Abersoch Quality Homes and Pure Cottages Group.
The onset of the COVID-19 pandemic has prompted a resurgence in domestic holidaymaking in the UK since 2020. This has prompted a wave of M&A activity as holiday operators, private equity firms and other parties seek to tap into the soaring demand for UK holidays. Its string of recent acquisitions has made Sykes a major beneficiary of this.
Graham Donoghue, chief executive of Sykes Holiday Cottages, said: "Although we’re a national agency, we really strive to deliver a local service and partnering with businesses like Northumbria Coast & Country Cottages allows us to do just that. The team on the ground have a wealth of experience in the region and we’re looking forward to working with them to promote the holidays available in this beautiful part of the country."
Northumbria Coast & Country Cottages will now run as a sister agency to Sykes from its three offices in Alnmouth and Seahouses and continue with its local team of 17 employees.
Nikki Brierley, founder of Northumbria Coast & Country Cottages, said: "We’ve built a great business over the last four decades, but this deal now represents a new chapter for the company and will ensure its ongoing success for the next 40 years. Sykes’ values mirror our own, and its track record speaks for itself, so I know our holiday homeowners are in good hands.”
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The company leases four standard and two budget hotels, the sale of which can be divided into two separate groups, comprising the three budget/smaller hotels and the three premium hotels.
LEASEHOLD
One of the finest and established private hotels in the area, the business is run completely under management.
FREEHOLD
The business is a well-established village inn with outstanding reputation. Prominent location close to all amenities and transport links.
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