One of Britain’s largest holiday park groups, Park Holidays UK, has been acquired by US real estate investment trust Sun Communities Inc.
Sun’s support will enable Park Holidays UK, which currently owns and manages 42 parks in England and Scotland, including in Ayrshire and Lossiemouth, to continue to invest in its existing high-quality holiday centres and to further expand its parks portfolio, it is claimed.
The £950 million acquisition was agreed in November 2021, and closed today following approval from the Financial Conduct Authority.
Sun is one of the largest owners and operators of manufactured housing, recreational vehicle and marina properties, and said that Park Holidays UK’s business model is a perfect complement to its own.
Tony Clish, Park Holidays UK director, said the acquisition will “trigger an exciting new period of growth” for the company.
“The domestic holiday market continues to gain traction in the post-Brexit and post-pandemic environment, and we are seeing an ever-increasing demand for UK holidays,” he said. “This partnership with Sun will bolster our ability to acquire new parks, and to continue driving up quality standards by making additional investment in our existing parks.
“Our two companies share precisely the same values in terms of delivering an exceptional experience to customers at realistic value-for-money prices.”
01 – Park Holidays UK operates 40-plus parks in Britain providing holiday homes to rent and own in beautiful coastal and countryside locations
He added: “In the run-up to this acquisition, it has become very apparent that the teams at Sun and Park Holidays UK are very much of one mind regarding the future.
“We both recognise that quality and value are the main drivers of holiday bookings and holiday home sales, and are determined that this will remain our prime competitive edge.
John McLaren, Sun’s president and chief operating officer, said that an “extremely dynamic” partnership had been created by the acquisition.
He said: “We are excited to welcome the Park Holidays’ team members, holiday homeowners and guests to the Sun family, marking another important milestone in our growth and evolution.”