Park aims to dou­ble hol­i­day home port­fo­lio

The Sunday Telegraph - Money & Business - - Business - By Bradley Ger­rard

LUX­URY hol­i­day home firm Park Leisure is plan­ning to dou­ble in size within seven years on the back of a re­cent cash in­jec­tion from its new pri­vate eq­uity own­ers.

The York-based busi­ness was the tar­get of a £103m deal led by Mid­loth­ian Cap­i­tal Part­ners in May, and now Miles De­whurst, its co-founder and chief ex­ec­u­tive, be­lieves the com­pany could have twice as many pitches com­pared to the 3,000 it has now. The brain­child, 20 years ago, of Mr De­whurst and fel­low co-founder Gary Mol­loy, the com­pany had grown steadily to 10 sites but reached a point where fund­ing more am­bi­tious plans on its own would have proven more dif­fi­cult.

“We had got to 10 parks by tak­ing on a new one roughly ev­ery two years, just us­ing mort­gages, but that wouldn’t have been fea­si­ble go­ing for­ward,” he said. “That would have meant us go­ing from us­ing one bank to two, three or four and we didn’t want to do that.” Since Mid­loth­ian be­came in­volved, Park Leisure has snapped up a site in Bude, Corn­wall, and is on the cusp of buy­ing a 30-year-old golf course in York­shire, which has plan­ning per­mis­sion for 150 of its lux­ury lodges.

The com­pany earns most of its money by sell­ing its high-end hol­i­day lodges and static car­a­vans, up­grad­ing them or re­ceiv­ing fees linked to re­sales by own­ers. But it also has a small but grow­ing rental busi­ness, which it runs in­ter­nally, as well as through se­lected agents in­clud­ing Michael Paul Hol­i­days.

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