Coppergreen Developments, the owner and operator of Woodland Lakes Lodges, a 54 lodge holiday park in Carlton Miniott near Thirsk, North Yorkshire, has secured a £25m funding package from BGF (Business Growth Fund) and HSBC. The investment has been used to support the acquisition of Piperdam Golf and Leisure Resort, located near to Dundee, Scotland, as well as 350 acres of adjoining land, Blacklaw Estate. The business plans to develop and expand both holiday sites over the next 12 months and beyond.
BGF is providing £11m of growth capital while HSBC, which has banked the business for around 10 years, has provided an additional £14m debt facility.
Sheffield based dealmaking firm, Castle Square Corporate Finance, advised Coppergreen on the acquisition of Piperdam and on the debt and equity fundraising.
DLA Piper, led by Partner Richard May provided legal advice on the transaction and Freeths, led by Partner Adrian Hackett provided the necessary tax advice.
Deepcar headquartered Coppergreen focuses on providing high-quality accommodation for long stay or short-break holidays in beautiful surroundings. With access to 13 fishing lakes, Woodland Lakes Lodges offers contemporary waterside lodges with an emphasis on luxury. The business plans to add further lodges to the site by the end of 2018 subject to planning permission.
The funding will also support the addition of 28 lodges at Piperdam Golf and Leisure Resort while the Blacklaw Estate land will be developed for outdoor pursuits including mountain bike trails and quad biking. Piperdam boasts self-catered family accommodation, an onsite restaurant, leisure spa facilities and two golf courses.
Coppergreen was founded by husband and wife David Copley, CEO and Donna Copley, FD, 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. As part of the investment, 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.
David Copley, CEO of 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 of 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.
“During the past five years, BGF has backed close to 150 small and mid-sized British businesses. This has been our busiest 12 months to date, and we are delighted to have now made our first investment in a Sheffield headquartered company.”
Kevan Shaw, Director of 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.”
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.”
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