Holiday park operator doubles portfolio with latest acquisitions
Holiday park operator Coppergreen Developments, headquartered in Sheffield, has acquired Kenwick Park Golf Hotel & Spa in Lincolnshire and the Lodge Park in Clumber Park Nottinghamshire, doubling the size of its portfolio.
BGF has invested £10m of growth capital while HSBC has provided £15.3m towards these purchases and general group capital expenditure. The new funding takes BGF’s total investment in Coppergreen to £21m.
Sheffield based dealmaking firm Castle Square Corporate Finance advised Coppergreen on the acquisition of the holiday parks and on the debt and equity fundraising.
Coppergreen owns and operates Woodland Lakes in North Yorkshire and Piperdam Golf & Leisure Resort in Scotland acquired back in 2016 led by advisors Castle Square.
The group, led by co-founders David and Donna Copley, specialise in affordable holiday lodge parks, tapping into the growing trend towards ‘staycations’.
Coppergreen, has been investing in the expansion of Woodland Lakes and Piperdam, with the opening of 45 new luxury lodges. Further accommodation is currently being added at both parks in addition to on-site facilities at Woodland Lakes, including a pool, gym, shop, café and new reception together with activities such as archery, zorbing and bike hire.
Kenwick Park, which is located in the Lincolnshire Wolds, currently has 90 lodges and a 34-room hotel and spa. The Clumber Park site which is adjacent to a National Trust country park in the Dukeries near Worksop has planning permission for 129 lodges and a shop, gym, swimming pool, restaurant and reception. Development of this new holiday park will start immediately and will create 120 new jobs.
Coppergreen’s growth strategy is being supported by non-executive chairman Steve Brown, commercial director Sam Wall and director Richard Sidi.
David Copley, CEO said: “The acquisition of Kenwick Park and Clumber Park are fantastic additions to the group and fit perfectly with our mission to provide visitors with quality accommodation in some of the most beautiful settings in the UK.
“The development of both Woodland Lakes and Piperdam have resulted in increased bookings over the past two years and we’re delighted by the positive response from both new and returning visitors.”
“BGF’s first investment was instrumental in the first phase of our expansion, and the new investment now enables us to continue our growth plans at a pace, with the continued support of the BGF team.”
Castle Square Corporate Finance director Steve Bell said: “ Having first advised Coppergreen on the acquisition of Piperdam in 2016, it is a pleasure to support the management team with their ongoing strategy to develop the group through the investment in new parks and continued development of the existing facilities.
BGF’s Barry Jackson, who sits on the board of Coppergreen, said: “Led by David and Donna, Coppergreen’s expansion has progressed well since our initial investment and we’re delighted to support the acquisition of the two additional parks and further investment in the current portfolio, with this new investment. The team has developed a model and offering that really resonates with visitors, providing strong potential for further growth.”
Chris Alsop, HSBC Relationship Director, said: “I have worked with this dynamic management team for ten years and this marks a new and exciting chapter for them, HSBC and for the UK lodge holiday market which continues to grow in popularity. Coppergreen’s offering is of the highest standard and their success is well deserved.”
Advisors on the transaction were:
▪For Coppergreen and BGF; Kevan Shaw and Steve Bell (Castle Square).
▪James Foster and Natalie Hager (Shoosmiths).
▪Rob McCarthy, (Dow Schofield Watts) and James Tatro (Addleshaws).
▪HSBC were advised by Keebles.
