A static caravan rental website based in Huddersfield has been acquired by Sykes Holiday Cottages. The deal allows private equity-backed Sykes to diversify its range of rental properties.
UKCaravans4hire was established more than ten years ago and connects holiday makers to more than 6,000 holiday homes located across the UK.
Following the acquisition, the business will continue to be run independently by its existing leadership teams but will sit under a newly formed parent company.
Gareth Irving, chief executive and founder of UKcaravans4hire, said: “This deal represents a new chapter for our business and I know with Sykes’ expertise and support we’ll be able to build on the huge success we’ve already had over the past two decades.
“Looking ahead, we’re ideally placed to reap the rewards of growing demand for affordable staycations, working with Sykes to grow our business and promote our holiday homes to a wider audience.”
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The deal follows hot on the heels of Sykes’ acquisition of Forest Holidays, owner and operator of environmentally sensitive cabins.
The combined group of businesses under Sykes’ leadership, whose own platform provides access to more than 22,500 holiday homes, are estimated to take more than 2.65 million customers on holiday in 2022. The group employs in excess of 1,700 people and is on track to achieve more than £170m of revenue in 2022
Graham Donoghue, chief executive of Sykes, said: “As the UK’s leading provider of static caravan rentals, UKcaravans4hire is the perfect business to have by our side as we enter into this new market, offering UK holidaymakers an unmatched choice of affordable and high-quality accommodation.
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“It’s a transformative time for Sykes as we accelerate our ambitions to become the leading name for UK tourism. We see huge potential in UKcaravans4hire to serve what is currently an underserved market, applying our expertise and market-leading technology to grow the business and catapult it to even greater success.”
Sykes is backed by Vitruvian Partners and was advised by Springboard Corporate Finance, Hill Dickinson LLP and Mayer Brown International LLP on the deal. UKcaravans4hire was advised by Symmetry Corporate Finance.
Source Insider Media