Sykes Holiday Cottages acquires Pure Cottages Group
James ChappleSykes Holiday Cottages has expanded its regional brand portfolio with the acquisition of Pure Cottages Group.
The holiday cottage specialist has agreed a deal for Pure with private equity investor LDC for an undisclosed fee.
Pure, a collection of five luxury holiday rental agencies, was created following LDC’s December 2017 investment in Lakelovers, which managed 500 holiday properties in the Lake District.
The group now manages more than 1,500 holiday homes in Cumbria, Cornwall and the Cotswolds.
During its partnership with LDC, Pure acquired acquired Heart of the Lakes, Lake District Lodge Holidays, Character Cottages, John Bray Cornish Holidays and cleaning business, Maid in the Cotswolds.
These brands will join Sykes’ existing regional brand portfolio, which includes Cornish Cottage Holidays, Helpful Holidays and Menai Holidays.
The acquisition follows a record year for Sykes, with bookings up 26% year-on-year; sales rising to £68 million and profits to £20 million for the year ending 30 September 2019.
The business employs more than 600 people across 16 UK offices and welcomed 1.6 million guests last year.
Graham Donoghue, chief executive of Sykes Holiday Cottages, said: “The Pure Cottages Group is well established in some of the UK’s most popular holiday hotspots, so the deal bolsters our range of premium holiday homes in Cumbria, Cornwall and the Cotswolds.
“With the team at Pure Cottages on board, we’re able to give our customers even greater choice alongside local expertise. By continuing to invest in the business and grow our family of brands, we’re also supporting the long-term success of each holiday let for its owner.”
Paul Liddell, founder and chief executive of Pure Cottages Group, added: “LDC’s investment and support gave us the confidence, expertise and financial firepower to pursue an ambitious acquisitive growth strategy.
"We added complementary property rental providers to our roster incrementally, delivering a sustainable programme of expansion that limited risk and encouraged growth. We’re now on an even stronger footing as we begin the next stage of our growth journey with Sykes Holiday Cottages.”
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