A Sheffield-based holiday park operator has received a £25m investment to buy a resort and land in Scotland.
Coppergreen Developments has secured funding to buy Piperdam Golf and Leisure Resort, near Dundee, , as well as 350 acres of adjoining land, Blacklaw Estate.
The firm was founded by husband and wife team David Copley, CEO and Donna Copley, financial director, and Richard Sidi.
It already owns a 54-lodge holiday park in near Thirsk, North Yorkshire.
The new funding is £11m from the Business Growth Fund - run by a consortium of banks - and a £14m debt facility from HSBC, which has banked the business for 10 years.
Mr Copley said: “The UK holiday market has traditionally lacked the type of high-quality lodge accommodation 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 more than 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.”
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.”
Sheffield-based dealmaking firm, Castle Square Corporate Finance, advised Coppergreen on the acquisition of Piperdam and on the debt and equity fundraising.
Kevan Shaw, director at Castle Square 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.”
BGF is an independent company with capital of up to £2.5 billion and is backed by five of the UK’s main banking groups - Barclays, HSBC, Lloyds, RBS and Standard Chartered.