UK: Resort operator Away Resorts has acquired Cornish holiday park St Ives Bay Holiday Park, backed by private equity firms Freshstream and LDC.
The 120-acre holiday park has been in family ownership since 1962, and hosts 800 chalets, static caravans and camping pitches. It also features two bar and leisure complexes, with a surf school on site, and direct access to three miles of beach and the South West coastal path.
The acquisition of the park will include the transition of the original St Ives Bay Holiday Park workforce to continue their employment and join Away Resorts under new ownership. Freshstream and LDC provided funding for the acquisition, backing Away Resorts in their efforts to expand.
Carl Castledine, chief executive of Away Resorts, said: “Staycations are going to be just as vital this year and beyond as they have been in 2020 and we can’t wait to welcome customers, new and existing, to this amazing new park.”
Irmo Holslag, partner at Freshstream, said: “We are delighted to be supporting the Away Resorts team on their next acquisition. The business has developed into a highly regarded and innovative holiday operator, well positioned to capitalise on the strong momentum they have generated at the cutting edge of the industry.
“The acquisition will enable us to further accelerate the growth of St Ives Bay Holiday Park,” added Holslag.
Richard Whitwell, head of Midlands at LDC, added: “With demand for British holidays increasing, Away Resorts is ideally placed to continue growing its position in the market, with a highly capable management team, a distinct proposition, a portfolio of prime sites and significant capital backing.”
Chris Sweeney, a director in the Savills leisure and trade team, said: “Staycations have risen in popularity over the past few years as consumers become more aware of their global footprint and more recently, the pandemic has accelerated this trend for staycations. With the domestic holiday market seeing unprecedented demand, the market is stronger than ever with huge demand for leisure assets.”