Acquisitive online retailer aims to become the top UK-focused alternative accommodation platform
Sykes Holiday Cottages moves into caravan sector with UKcaravans4hire acquisition
Sykes Holiday Cottages has entered the static caravan sector with the acquisition of rental website UKcaravans4hire.
The latest deal by the acquisitive specialist online retailer sees it diversify its product range as it aims to become the top UK-focused alternative accommodation platform.
UKcaravans4hire was founded more than 10 years ago and offers more than 6,000 holiday homes across the UK.
The Huddersfield-based business will continue to be run independently by its existing leadership teams but will sit under a newly formed parent company.
The deal follows Sykes’ acquisition of Forest Holidays, the UK’s leading owner and operator of environmentally sensitive cabins.
Sykes’ combined groups of businesses are estimated to take more than 2.65 million customers on holiday in 2022 to its more than 22,500 holiday homes.
The group employs over 1,700 people and says it is on track to record £170 million 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.
“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.”
Gareth Irving, chief executive and founder of UKcaravans4hire, added: "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.”
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.