Patron sells hotel group LFH in management buy-back

The transaction sees the GP sell the LFH brand as well as five sites – Woolley Grange, The Ickworth, New Park Manor, Moonfleet Manor and Fowey Hall – but retaining the Thornbury Castle Hotel in Bristol. A seventh location, Polurrian Bay Hotel, is owned under a separate entity but will continue to operate under the LFH brand for the foreseeable future, according to a statement.

A spokesperson for Patron declined to comment on the deal value. The GP was invested in the group via its fourth buyout fund, a 2012-vintage vehicle that held its final close on €880m.

Under the GP's six-year holding period, LFH invested in the refurbishment of its sites, as well as making operational improvements to its service levels, social media presence and food and beverage offerings.

Previous funding
Patron acquired LFH, a portfolio of seven sites previously owned by Von Essen Group, out of administration in December 2011. The transaction was made alongside Halcyon Hotels and Resorts, which subsequently oversaw management of the hotels in a joint venture.

Company
Founded in 2011 and headquartered in London, LFH is a chain of luxury country hotels located in buildings such as manors, halls, granges and stately homes. According to publicly available documents, the business generated a turnover of £16m in 2015, with a loss on ordinary activities before taxation of £2.2m.

People
Luxury Family Hotels – Nigel Chapman (CEO).
Patron Capital – Camil Yazbeck (partner, investment director).

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• Topics
• Exits
• UK / Ireland
• Consumer
• United Kingdom
• Patron Capital Partners
• Management buy-back