First international investment for holiday rental agency
Sykes Holiday Cottages invests in New Zealand’s Bachcare
Sykes Holiday Cottages has invested in New Zealand-based holiday rental firm Bachcare.
This investment is the first step in growing Sykes, an independent holiday rental agency with almost 14,000 holiday properties across the UK and Ireland, internationally by giving it a foothold in the southern hemisphere.
It also supports Bachcare’s ambitions to expand beyond New Zealand, where it currently manages over 2,000 properties in more than 150 locations, serving more than 150,000 customers a year.
Bachcare will continue to target the domestic New Zealand market, which operates under the brand founder and chief executive officer (CEO) Leslie Preston established in 2003.
Graham Donoghue, chief executive of Sykes, said: “It has always been our ambition to scale into new markets and working together with Bachcare will enable us to take our first step towards further international growth.
“There are huge synergies between our business and the one that Leslie has built over the past 16 years.
“Like the UK and many other markets globally, staycations are a huge and growing part of the leisure sector in New Zealand.
“Bachcare has grown to lead that market through its laser-like focus on delivering an excellent experience for holidaymakers from the moment they land on the website to leaving the property at the end of their holiday.
“By working with Leslie and her team, and by learning from each other’s expertise, we are confident that Sykes Holiday Cottages can continue growing in the UK, that Bachcare will maintain its growth in New Zealand and that together we can enter other new markets around the world.”
Preston added: “Competing with large multi-national companies in the past has helped make Bachcare what we are – an honest, independent business that is absolutely committed to giving customers the best, full-service experience possible.
“That fits entirely with what Sykes is doing in the UK and we’re confident that, together, we can retain all that makes us unique while also benefitting from the backing of a company that is capable of helping us achieve our long-term ambitions.”
Sykes Holiday Cottages employs more than 500 people and last year served more than 1.5 million holidaymakers from its head office in Chester.
In 2018, it saw bookings rise by more than a third while growing demand from second home-owners to make the most of their properties saw enquiries from new owners rise by around 37%.
Bachcare employs around 50 people at its head office near Auckland and works with around 100 contracted holiday managers across North and South Island.