CBPE Capital LLP (“CBPE”) is pleased to announce that it has entered into an Agreement to sell its majority shareholding in Away Resorts Holdings Limited (“Away Resorts”) to a vehicle funded by LDC and Management. Terms are not disclosed. The Agreement is subject to Regulatory approval.
Away Resorts is a leading holiday park owner and operator in the UK. The business was founded by management, and financed by CBPE and HSBC, in 2008. Under CBPE’s ownership, Away Resorts acquired four holiday parks in popular tourist destinations at Whitecliff Bay (Isle of Wight), Tattershall Lakes (Lincolnshire), Mill Rythe (Hampshire) and Barmouth Bay (Snowdonia National Park).
The business’ management team, which is led by Managing Director Carl Castledine and includes Neill Ryder (Finance Director) and Greg Lashley (Operations Director), has successfully grown sales to more than £22million through a combination of operational improvement and investment in facilities across the parks.
The investment by LDC will support the team in delivering their organic growth plan, capitalising on the buoyant market for ‘staycations’ in the UK and providing capital to support further high quality acquisitions to complement the current Away Resorts portfolio.
CBPE’s investment in Away Resorts in 2008 followed its previous successful investment in Park Resorts.
Carl Castledine, Managing Director of Away Resorts, said: “With CBPE’s backing, we have built Away Resorts from first concept into a leading holiday park operator in the UK. We would like to thank CBPE for their support throughout the period of their investment.”
Sean Dinnen of CBPE said: “Carl and his team have achieved a great deal in building Away Resorts to its current level during the period of our ownership. We wish all in the business every success as they move forward with LDC.”