LDC's Away Resorts secures refinancing, makes sixth acquisition

The refinancing has also enabled the group to acquire its sixth park, New Forest-based Sandy Balls. LDC provided additional capital for this transaction. Sandy Balls is the second acquisition since LDC bought the company in 2015. 

Permira debt funds also provided a capex facility to enable Away Resorts to continue improving and expanding the range of facilities and accommodation provided across its six resorts.

Previous funding
LDC acquired Away Resorts from previous backer CBPE in April 2015, with LDC investing £18.5m. The group acquired Cosways Holiday Park in January 2016 and renamed it Mersea Island in a deal that was financed by additional capital from LDC, alongside debt facilities provided by Lloyds Bank Commercial Banking.

CBPE acquired Away Resorts in February 2008 and in November 2009 supported its purchase of caravan park Tattershall Lakes from administrators Baker Tilly.

Company
Founded in 2007, Away Resorts owns and manages holiday resorts across the UK in six locations – Tattershall Lakes in Lincolnshire, Whitecliff Bay on the Isle of Wight, Mersea Island in Essex, Barmouth Bay in Wales and Mill Rythe on Hayling Island. The sites cover in excess of 1,000 acres of land, all of which are owned freehold by the group. The resorts have an estimated combined value of £100m and an annual turnover of £40m, up more than 20% since 2015. The group employs 650 staff.

Last year was a record year for the business as overall bookings across its parks rose significantly against 2015's figures. This comes as the number of people taking a holiday in the UK increased from 64% to 71%, with domestic holidays proving more popular than a trip overseas.

According to unquote" data, there has been a growing trend in staycations. Aggregate deal volume and value in the UK tourism sector dropped dramatically last year compared to healthy activity in the domestic holiday parks sector. As of November 2016, out of a total of just nine investments in the UK tourism, travel and hotel industry, four were holiday park operators. English tourism agency Visit England reported there were 14.9 million domestic holidays taken in England in the first five months of the year, the highest number reported since 2011. Furthermore, with sterling plunging against all major currencies after that period, it seems reasonable to assume that figure is only likely to rise should present conditions persist.

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• Topics
• Refinancing
• UK / Ireland
• LDC
• Refinancing
• Permira