Holiday cottages firm adds 400 properties in latest acquisition
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Chester-based Sykes Holiday Cottages has completed the acquisition of a Suffolk holiday firm, for an undisclosed sum.
The deal adds a further 400 properties to the existing national portfolio of Sykes, which has been backed by European private equity firm Vitruvian Partners since 2019.
Best of Suffolk was founded 15 years ago by husband and wife team, Alex and Naomi Tarry.
It has been acquired by Sykes as part of the expansion of its footprint across the Suffolk coast, the Brecks and throughout Constable country.
The business will operate as a sister agency, supported by its existing team of staff in Badingham.
Graham Donoghue, chief executive of Sykes Holiday Cottages, said: “Like Sykes, the emphasis at Best of Suffolk has always been on providing wonderful holidays with high quality customer service.
“This deal will enable the business to continue to grow with those principles at its heart, while also allowing us to bring all that this beautiful part of the country has to offer to a much broader audience of holidaymakers.”
Alex and Naomi Tarry will step down from the business to pursue other interests, with Alex saying: “Stepping down after 15 years has been a difficult decision to make, but we are sure that our team, our property owners and our guests will be in good hands with Sykes Holiday Cottages.”
Sykes was advised on the deal by a Springboard Corporate Finance team of partner Simon Ward, director James Bailey and manager David Lee.
Simon Ward said: “We are delighted to have supported Sykes on the acquisition of Best of Suffolk. This is the 14th acquisition we have worked on for the team and represents a key strategic development for Sykes in East Anglia.”