LDC sells Pure Cottages to Vitruvian's Sykes Holiday Cottages

Financial terms remain undisclosed.

LDC initially backed the management buyout of Lakelovers (the trading name for Traditional Lakeland Cottages), a UK-based letting agent for holiday cottages, in 2017. It then supported the company's acquisitive growth strategy. Bolt-ons included Heart of the Lakes, Lake District Lodge Holidays, Character Cottages, John Bray Cornish Holidays and regional cleaning business Maid in the Cotswolds.

The various Pure Cottages brands will join Sykes's portfolio of regional brands, such as Cornish Cottage Holidays, Helpful Holidays and Menai Holidays.

Vitruvian acquired a majority stake in holiday home provider Sykes Holiday Cottages from Livingbridge for £375m in October last year, via its Vitruvian Investment Partnership III fund. For the year ending on 30 September 2019, the business saw EBITDA of £20m from revenues of £68m. In 2015, Livingbridge acquired Sykes in a deal that was understood to value the company at £54m.

Company
Founded in 1977 as Lakelovers, Pure Cottages is a collection of five luxury holiday rental agencies. It manages 1,500 holiday homes throughout Cumbria, Cornwall and the Cotswolds.

Public records show that the business generated turnover of £4.7m and EBITDA of £1.5m in 2018.

People
LDC – Aziz Ul-Haq (director).
Pure Cottages Group – Paul Liddell (CEO).
Sykes Holiday Cottages – Graham Donoghue (CEO).

Advisers
Vendor – KPMG (corporate finance); DLA Piper (legal).

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• Topics
• Exits
• Portfolio management
• UK / Ireland
• Consumer
• Trade sale
• Build-up
• LDC
• Vitruvian Partners
• KPMG
• DLA Piper