Butlin’s owner Bourne Leisure plans bid for Sykes Holiday Cottages
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Bourne Leisure Group, the owner of Butlin’s and Haven Holidays, is planning to make a bid for rental property provider Sykes Holiday Cottages.
The company is expected to submit a bid for the holiday rental chain before the deadline tomorrow, Sky News reported.
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Other bidders reportedly include L Catterton, Vitruvian Partners and Clayton Dubilier & Rice, and a spike in interest from potential buyers has pushed the asking price to more than £300m.
Indian hotel group Oyo has also expressed an interest in buying Sykes Holiday Cottages, however it is unclear whether it plans to submit a formal offer, the broadcaster reported.
A takeover by Bourne – a private family owned company – would create a new division within the firm.
Skyes Holiday Cottages is one of the UK’s biggest agencies for self-catering holiday properties, with more than 14,000 cottages in the UK and Ireland.
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The company was founded in 1991 by Clive Sykes.
The auction of the company, which has been backed by private equity firm Livingbridge since 2015, is being dealt with by bankers at Harris Williams.
Main image credit: Getty