Royal Bank Private Equity has backed the £40m (E63.4m) management buy-out of Leisure Great Britain, the UK caravan park business. Barclays Acquisition Finance has provided £23m of debt to support the transaction.
Leisure Great Britain was previously owned by Queensborough Holdings which was the subject of a public-to-private transaction last year and is now selling many of its former assets such as hotels, day-visitor attractions and caravan parks. It is one of the largest caravan park operators in the UK with 14 parks in Essex, Sussex, Kent, The north east of England, Lincolnshire, and Scotland.
Philip Mason, formerly managing director of Queensborough, leads the management team. He will become the managing director of GB Holiday Parks Ltd. Commenting on the deal, he said: “The change in ownership gives us the opportunity to continue the improvements we have achieved at the parks to date whilst at the same time allowing us to consider future acquisitions. We believe that further consolidation of the caravan sector is likely and we intend to be at the forefront of this. We are very excited at the prospects.”
Richard Caston, investment director at Royal Bank Private Equity, said of the team at Leisure Great Britain:“They have the knowledge, expertise and experience to take advantage of the growth in demand for good value holiday accommodation. This, added to the attractive locations that the parks occupy around the UK, provides an excellent platform for future growth,” he said.