CLIENT
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Park Holidays UK
CLIENT INDUSTRY
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Holiday Parks
SERVICES PROVIDED
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Acquisition
LOCATION
- Northern England
SIZE/VALUE
- Price undisclosed
DIVISIONS INVOLVED
- Leisure and Trade
DATE
- October 2022
As part of Park Holidays UK growth strategy, we instructed Savills to identify and acquire properties which would bolster our presence in northern England. Throughout the process, we were impressed with Savills professionalism, exceptional knowledge of the holiday parks market and high quality of service. Savills were instrumental in securing the acquisition of Chevington Castle and Cottage and Glendale which, in time, will provide over 1,400 pitches to the Park Holidays UK portfolio of holiday parks.
Richard Ullman COO
CHALLENGE
Savills were tasked with assisting Park Holidays UK with a strategic expansion project, particularly targeting the north of England and Wales. The project involved identifying acquisition opportunities, under taking preliminary market appraisals and where appropriate, securing acquisitions.
SOLUTION
Using Savills extensive connections within the holiday park industry, we identified in the region of 30 properties matching the criteria Park Holidays UK had provided. We undertook inspections of all properties, accompanied by the CEO and COO of Park Holidays UK. Cottage and Glendale and Chevington Castle holiday parks were identified as priority targets, and negotiations ensued with the owner to agree the acquisitions.
RESULTS
Cottage and Glendale and Chevington Castle holiday parks were not on the market at the time of Savills approach and were identified due to Savills prior relationship with the properties. The properties were matched Park Holidays UK preferred search criteria, however the property owner was already in discussions with other parties. We therefore had to formulate a proposal swiftly as to not lose the opportunity. We met the owners at their offices and presented our proposal negotiating the price directly with the vendor. The vendor was attracted by the confidential nature of our approach and the familiarity with Savills promoted trust between parties. We were able to secure the acquisition and issued exclusivity agreements at the point the sale was agreed. Park Holidays UK were delighted that we were able to provide access to assets within the industry that they otherwise unlikely to have an opportunity to acquire. The transaction completed in October 2022.