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Staycations and foreign visitors boost Sykes Cottages

Cheshire & Warrington News


Private equity-backed Sykes Cottages, the Chester-headquartered holiday company, has reported record growth in sales and profits in its latest financial year with demand boosted by the so-called staycation and record numbers of foreign visitors.
In the year ending September 2016, the first full year of trading since a major growth capital investment by mid-market private equity firm Livingbridge, the business generated sales of £27.3m which represents an increase of 24 per cent on the same period a year earlier.
It also said that bookings in the financial year to date were up by 23 per cent, with the business on track to serve more than one million holidaymakers up from 815,000 in the prior year.
EBITDA rose by 33 per cent to £6.8m.
Earlier this year, Sykes acquired West Country specialist operator Cornish Cottages and Devonshire Cottages. The business said that it would continue to make selective acquisitions to strengthen its presence and portfolio in strategically important regions.
Sykes also made a £1.2m investment into its technology platform last year to support its growth strategy, which includes taking 2.5 million customers on holiday annually by 2020.
Graham Donoghue, who joined the company as chief executive from MoneySupermarket in August last year, said: “Britain remains the destination of choice for millions of holidaymakers at home and around the world, thanks to its stunning coast and countryside and its unique culture and charm. We’re seeing a growing number of people start up or scale up their holiday home ownership to tap into this trend.
“Our commitment to being the best choice for owners, offering the best experience to customers and operating the best brand and platform in the market is helping us capitalise on some highly positive dynamics in the self-catering sector.
“Together with further planned investment in the year ahead, we’re confident we can deliver our vision and ambition for the business as the number one provider of UK holidays.” Read more

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