Park aims to double holiday home portfolio
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.