Holiday Park Sector Boosted By Multi Million Investment
West Sussex Location Receives Huge US Investment
Friday, 10, Jan 2020 01:43
By William Colemman
The world of the caravan holiday is getting a multi million pound investment boost as a motorhome investor has entered the holiday park world from across the pond in the US.
Cove Communities, the specialist long-term investors and operators of manufactured home and motorhome communities and resorts in the United States and Canada, announces the completion of its first UK-based acquisition, Bunn Leisure, 116.58 acres in Selsey, West Sussex.
This acquisition reflects the Company's belief in the long-term growth prospects for the UK holiday park market and the opportunity to further enhance the broad appeal of the Bunn Leisure site and proposition, offering residents and guests an appealing lifestyle in a unique and accessible coastal location with world-class amenities.
Cove Communities' UK business is led by UK Managing Director, Mark Seaton and the Bunn Leisure team is under the leadership of Geoffrey Smith, Director of Finance and Operations, and Danny Kaye, Resorts Director. Between them, the UK management team has over 80 years of UK tourism and leisure experience.
Mark Seaton, UK Director for Cove Communities, said: "Bunn Leisure is a fantastic holiday park, which we believe offers a truly unique proposition to families looking to enjoy a staycation or purchase a caravan vacation home on this beautiful stretch of accessible coastline.
"We see immense potential for the UK's caravan, holiday and residential park sectors, supported by appropriate investment and careful strategy, and as such we are excited by the long-term prospects for Cove Communities to further invest and enhance the unique aspects of exceptional parks, such as Bunn Leisure, as part of a wider UK caravan and residential park portfolio."
Bunn Leisure provides self-catered family accommodations, incorporating three Holiday Village areas and one Camping and Touring Park area, all graded from 4 to 5 stars, along with resort-style entertainment leisure facilities and amenities.
Cove Communities is currently undertaking a £23m investment programme at the site, started under the previous owners, and is in the process of developing a further five-year capital investment programme to include investment focused on environmental management and new sea defenses.
The business is intent on building on Bunn Leisure's strong reputation in the marketplace and ensuring the business is well positioned to serve guests, residents and the local community for years to come.
During peak season, the business will employ over 600 people and host 11,000 guests and residents, generating significant income for the local economy. The business is also exploring options to introduce an apprenticeship scheme for young adults once the integration of the site into the Cove Communities business is fully complete.
Cove Communities was founded in 2017 by industry experts, focused on the long-term investment and operation of manufactured home and motorhome communities and resorts. The portfolio has since grown to include over 9,250 sites across the U.S.A, Canada, and the UK.
The Company has a robust pipeline of deals internationally and is looking to grow its portfolio in the UK through acquisition of further exceptional caravan, motorhome and residential park sites.