Our recent acquisition by Sykes Holiday Cottages follows 18 months of rapid expansion by the Pure Cottages Group which saw the creation of a portfolio of five leading holiday cottage companies in some of the UK’s most popular holiday destinations.
This growth was fuelled by the investment from mid-market private equity investors LDC and was recognised by the British Private Equity and Venture Capital Association, which presented it with the North West Mid-market Management Team of the Year Award last year. We were also shortlisted in the Best Tourism and Hospitality Business category at the in-Cumbria Business Awards 2019
The deal with Sykes Holiday Cottages marks another significant milestone in the development of our company and brings to an end LDC’s involvement in Pure Cottages Group.
Paul Liddell, founder and CEO of Pure Cottages Group, comments, ‘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.’
Our portfolio of Lakeslovers, Heart of the Lakes, Lake District Lodge Holidays in the Lake District, John Bray Cornish Holidays in North Cornwall and Character Cottages in the Cotswalds, plus regional cleaning business, Maid in the Cotswolds will join Sykes’ existing collection of regional brands, which includes Cornish Cottage Holidays, Helpful Holidays and Menai Holidays.
The move follows Sykes’ investment in New Zealand operator Bachcare in April and supports the fast-growing firm’s plans for further UK and international expansion. Sykes has enjoyed a record year in 2019 with bookings up 26 per cent year-on-year and sales and profits rising to £68m and £20m, respectively.
Graham Donoghue, chief executive of Sykes Holiday Cottages, says, ‘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 Group 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.’