Skegness-based The Leisure Company, which sells new and pre-owned static caravans, has completed the acquisition of Cherry Lea Holiday Park after securing a £1million funding package from Lloyds Bank Commercial Banking.
Established in 2007, The Leisure Company is one of the best-known caravan dealers in the region and typically has around 100 caravans for sale across four sites in Skegness and Ingoldmells. Through its partnership with more than 60 holiday parks across East Lincolnshire, the business has a wide variety of stock to cater to a broad range of customer requirements and budgets.
Cherry Lea Holiday Park in Burgh le Marsh will be the first holiday park to be operated by The Leisure Company and represents a new direction for the business. The site, which is located three miles from Skegness beach, has 72 privately-owned static holiday plots, as well as its own well-stocked fishing lake.
The Leisure Company has enjoyed considerable revenue and profit growth in recent years, following an increase in demand for UK domestic holiday breaks. Following the acquisition, the business plans to capitalise on the buoyant market for ‘staycations’ in the UK and plans to invest in a larger holiday home retail unit and expand to 250 pitches by 2023.
Since the acquisition, the business has hired three new members of staff to work at the holiday park, with plans to further expand its team over the next five years.
Elton Mason, managing director at The Leisure Company, said: “The Leisure Company has been in our family for more than 25 years and the new holiday park signals the next step for our business. Cherry Lea Holiday Park was owned by my wife’s parents, and the deal meant that we could expand our business, while ensuring that the holiday park remained within the family.
“The team at Lloyds Bank has been a great source of support, helping us to create a clear strategic plan from day one.”
Nick Flanagan, relationship director at Lloyds Bank, said: “When working by the side of businesses, it’s important to have a good understanding of the current market and changing consumer trends. Over the last few years, we’ve seen more people choosing to holiday in the UK. This is great news for local firms in the tourism and leisure sector, and meant it was the perfect time for The Leisure Company to expand with the acquisition of Cherry Lea Holiday Park.
“As part of our commitment to helping Britain prosper, we’ve pledged to lend £18billion to UK businesses, with up to £2.5billion earmarked for businesses in the Midlands this year. This will enable us to support ambitious firms like The Leisure Company in achieving their growth plans.”
The deal was completed with the support of Martin Clarke at Streets Chartered Accountants in Lincoln, who introduced Lloyds Bank to the business.