Wed, 26 May 2021 | BUSINESS NEWS
Holiday park firm Lifestyle Homes Group has received a £100 million lending facility that will enable the company to further expand its portfolio of sites. Along with the facility, the group has announced the acquisition of five new parks for £15.5 million.
The newly acquired parks are in Cornwall, Devon, Berkshire, Gloucestershire and Suffolk and the company plans to add six additional parks over the next few months. Ultimately, Lifestyle Homes Group is looking to build a £250 million portfolio of holiday parks.
The firm’s original portfolio consisted of five sites in County Down, Northern Ireland. This was acquired by current group director Adrian Gleave in a £16.5 million deal in 2019. Since acquiring the business, Gleave has invested in upgrading both its parks and overall structure.
The new loan facility has been provided by a pan-European investment firm which specialises in investing in European asset-backed special opportunities. The investment comes during a busy time for the UK’s domestic travel market, which is booming due to pandemic-related restrictions on international holidays.
Adrian Gleave commented: “After acquiring the Lifestyle Homes Group and investing in the initial five parks in Northern Ireland, I really got into the heart of the business and based myself and my family there. I could see the potential in a well-managed, higher-end holiday and residential parks company rolling out across the UK.”
“During the first lockdown I set about pitching to investment firms in order to further grow the group. I identified that the market comprised of a small number of large group operators alongside many independent holiday parks. There was an obvious opportunity for a quality medium tiered company to gain traction within the market.”
Gleave added that domestic travel had long represented an easy, cost-effective holiday option, particularly for those with families, a trend that has only been accelerated by the pandemic. Gleave said: “Now, in our cautious post-pandemic world, it’s become an even more popular choice for many to holiday here and it looks like the staycation is set to stay.”
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