22nd March 2022 - Limerston Capital LLP (“Limerston Capital”) is pleased to announce the acquisition of Largo Leisure, a Scottish-based holiday park operator and announced leisure industry veteran, Andrew Howe as its Executive Chairman. Largo Leisure is the first platform investment in Limerston’s second fund, with first closing occurring simultaneously with the transaction. The deal demonstrates Limerston Capital’s commitment to the holiday parks sector and will see it strengthen Largo Leisure’s offer through targeted investment and operational support.
Largo Leisure offers self-catering lodge, caravan and glamping holidays across four parks located in Letham Feus in Fife, Braidhaugh Park in Perthshire, Sauchope Links near Crail and Loch Tay in Perthshire. The business was founded in 2003 by Rupert Barret and is targeted at a premium market, successfully capitalising on sustained consumer trends favouring staycations.
Andrew Howe is the founder and ex-CEO of Bridge Leisure, a leading owner and operator of holiday parks in the UK which he successfully exited in 2021. As Executive Chair, he will work alongside the business’s current senior team, including Managing Director Jonathan Morley, and Limerston Capital to identify growth opportunities. This will include investment into the parks’ properties, potential expansion of the sites and brand development.
In addition to Largo Leisure, Limerston Capital has signalled its intentions for further acquisitions, with a specific focus on individual or groups of smaller holiday parks across the UK. Using Andrew’s in-depth knowledge of the sector and his understanding of its challenges and opportunities, the team is identifying well run owner-operator parks with solid customer bases that they can further enhance, recognising their value and growth potential.
Andrew Howe, Executive Chair for Largo Leisure, said: “Largo Leisure has positioned its holiday parks as destination experiences, continually improving its sites to ensure a high end offer and attracting a premium demographic. Our ongoing focus on smaller parks will help to set us apart from competitors. With first-hand knowledge of the sector, I am excited to work with Limerston and oversee the strategy of Largo Leisure. We have ambitious and enthusiastic plans and crucial to this is retaining the character of the parks and exploring how we can better meet the needs of customers.”
João Rosa, Founding Partner at Limerston Capital, said “The UK domestic holiday market has continued to expand for several reasons, and we expect this to continue as the cost of foreign travel rises and consumers look for options closer to home. The key for holiday park owners to build brand loyalty and secure growth, is to find a point of differentiation and to consistently deliver. Largo Leisure is an excellent example of this and we are confident that with our support, Andrew and the team are best placed to drive it forward.”
Limerston Capital was advised by Addleshaw Goddard, KPMG and CIL
For more information, please contact:
Martim Avillez, Limerston Capital Founding Partner
martim.avillez@limerstoncap.com +44 (0)203 897 1860
Media:
Caroline Villiers cvilliers@keplercomms.com +44 (0)7808 585184
Charlotte Balbirnie cbalbirnie@keplercomms.com +44 (0)7989 528421
About Limerston Capital
Founded in 2015 by James Paget, João Rosa and Martim Avillez, London based Limerston Capital pursues control investments in UK mid-market companies and seeks to create value through the firm’s buy-and-build and operationally focused model. The firm targets businesses with EBITDA of between £5 million and £15 million that have a solid value proposition, but have potential for operational improvements, have mispriced underlying returns on capital and provide opportunities for strategic repositioning via consolidation.