Spectrum Corporate Finance has advised the shareholders of luxury resort Gwel an Mor on the disposal of the business to US-based acquirer Cove Communities.
Located on the Cornish coast, Gwel an Mor is a luxury holiday lodge resort which extends over 100 acres of land and is a short walk from Portreath on the north coast. Gwel an Mor (meaning ‘view of the sea’ in Cornish) has been privately owned by Bill Haslam since 2008, and under his ownership went through significant development and expansion to transform the holiday park into a multi award-winning luxury lodge resort.
Spectrum Corporate Finance were appointed to advise on the sale of the business, which involved finding the right strategic buyer to build on Bill’s legacy and ensure that Gwel an Mor remained both a leading Cornish holiday destination and a contributor to the local economy.
Headquartered in Phoenix, Cove Communities is one of the most active buyers of manufactured home and RV resort communities in North America, with more than 190 communities under its ownership. In January 2020 Cove Communities expanded into the UK with the acquisition of Bunn Leisure, a 116 acre site in West Sussex, followed by the acquisition of residential home park Kings Park Village near Canvey Island. The acquisition of Gwel and Mor further broadens their footprint in the UK along the south coast with a “flagship” site.
Commenting on the recent sale Bill Haslam said: “Having
developed Gwel an Mor into what we believe to be the best holiday park in the
South West we have often received approaches from potential acquirors. When we
met Cove we felt comfortable that they understood us, our ethos, ways and
standards as theirs aligned with our own. Once we felt comfortable that their
stewardship would continue what we had started it became much easier to sell a
business that we had put heart and soul into for 20 years."
"The Spectrum team provided support throughout the transaction and were always available for advice throughout the negotiations and closing process."Bill Haslam, Owner, Gwel an Mor
“Bill has invested a huge amount of time and effort in developing Gwel an Mor into an exceptional luxury lodge resort and we are delighted to have been able to assist him and his fellow shareholders through this transaction. Cove Communities was the ideal buyer and we are confident that under their ownership the resort will continue to be a superb venue for staycations in Cornwall.”Darren Miller, Director, Spectrum Corporate Finance
“It is always a pleasure to help clients realise the value in businesses they’ve put so much time and effort into, and in Gwel an Mor this is no different. Under its new ownership we will no doubt see one of the top holiday parks in the UK continue to grow and provide holidaymakers with a brilliant experience, in a market that has even greater focus and awareness to the public at this time that ever before.”Alex Patey, Director, Spectrum Corporate Finance