Historic holiday company pitches for future growth with £9m funding deal
A Cheshire-based holiday company has secured a £9m package from HSBC UK to secure the 2021 season and prepare for growth.
Holiday cancellations and the near-elimination of the European 2020 Summer holiday season meant that Northwich-based Greenbank Holidays, part of the renowned European Camping Group, required additional support.
Funding was secured from HSBC UK to support the operation of the business through the COVID-19 pandemic – namely to assist with customer refunds and support the fixed overheads of the business.
HSBC UK provided the funding package to support Greenbank throughout low trading months, with funding now supporting preparations for increased growth in 2021.
Greenbank has seen a 40% year-on-year increase for 2021 holiday bookings, with a strong recovery in turnover expected as holidaymakers plan long-awaited trips abroad.
Darren Marsh, Greenbank Holidays managing director, said: “After months of lockdown people are desperate to have a change of scenery in 2021 and we’re looking forward to again be able to offer a high-quality experience for thousands of holidaymakers.
“We have been adamant in ensuring customers can receive a refund if their plans with us were impacted in 2020, and have utilised HSBC UK funding to make sure our sites are in top shape for the return of guests in the near future.”
He added: “In many ways, Eurocamp is perfectly suited to a COVID-secure holiday, as families can remain self-contained throughout their journey to and from their destination.
“Whilst this is obviously not a traditional holiday experience, the public appetite remains strong, with 60% of customers already using 2020 refund vouchers for planning future stays in 2021.”
Stephen Wright, relationship director for HSBC UK, corporate banking, said: “COVID-19 dealt the holiday industry a devastating blow in 2020, with many organisations facing monumental challenges.
“Greenbank was in a healthy position going into the pandemic due to effective management and a loyal customer base, so we were pleased to support the business in the short-term and provide funding in preparation for a strong return in 2021.”
Greenbank Holidays operates 175 leisure resorts across Western and Southern Europe, managing sites of high-end mobile homes and tents. The business employs 1,200 full-time, part-time and seasonal staff across its sales, marketing and operational functions.
