Golf resort acquired with £25m funding
THE leisure operator behind Woodland Lake Lodges near Thirsk has secured a £25m funding package to acquire a new holiday resort.
Coppergreen Developments, the owner and operator of Woodland, a 54-lodge holiday Park in Carlton Miniott has obtained a funding package from the Business Growth Fund and HSBC.
It is acquiring the Piperdam Golf and Leisure Resort near Dundee in Scotland, and 350 acres of adjoining land at the Blacklaw Estate.
Coppergreen was founded by husband and wife chief executive David Copley, financial director, Donna Copley and Richard Sidi, who will retain a non-executive role going forward.
Sam Wall, who has previously worked with the Coppergreen team managing a portfolio of nine parks, will join as commercial director.
Non-executive chairman Steve Brown, a founding director of Center Parcs UK and a former non-executive director at Forest Holidays will join the board alongside Barry Jackson who led the deal for BGF, supported by Mike Clarke.
Coppergreen plans on expanding both holiday parks over the coming 12 months, following an injection of £11m growth capital with HSBC providing an additional £14m debt facility.
The Sheffield-headquartered business specialises in accommodation for long and short stays. Woodland Lakes provides access to 13 fishing lakes and subject to planning permission, will be expanded with further lodges by the end of 2018.
The funding will allow 28 lodges at Piperdam to be built as well as mountain bike trails and quad biking areas in the Blacklaw Estate.
David Copley, CEO, Coppergreen said: “The UK holiday market has traditionally lacked the type of high-quality lodge accommodation, available on short break and longer stay basis, that Woodlands and Piperdam offer guests.
“We are focused on thoughtfully and sensitively expanding the sites so that even more holidaymakers can enjoy first-class accommodation in beautiful surroundings. We’re delighted to have received further support from our bank, HSBC, and to be entering into a new partnership with BGF as we implement our growth plans.”
Barry Jackson, BGF said: “We are backing a proven management team with very clear growth plans. It is fantastic to see our funding has already enabled the business to scale-up through the acquisition of Piperdam, and we look forward to seeing the team develop the new lodges and site facilities with BGF’s growth capital.”
Chris Alsop, relationship director, Corporate Banking, HSBC said: “Having worked closely with management for the last 10 years, we are delighted to have supported this very successful team in this exciting new opportunity.”
Sheffield-based dealmaking firm, Castle Square Corporate Finance, advised Coppergreen on the acquisition of Piperdam and on the debt and equity fundraising.
Kevan Shaw, director at Castle Square Corporate Finance said: “We are delighted to have advised Coppergreen and its management team on this project. The team have a tremendous track record in the sector, so we are sure the funding provided by BGF and HSBC will help them deliver significant growth, in both revenues and earnings at both holiday sites.”
Corporate partner at Irwin Mitchell in Leeds, James Foster, corporate solicitor Natalie Hager, banking & finance partner Paddy Sturman, real estate partner John Flathers and real estate associate Clare Davitt advised BGF on the deal.
