HOLIDAY park operator Richmond Wight is looking to expand its Scottish portfolio following the launch of a joint venture to encourage investment in its luxury lodges.
The Nottingham-based company, which specialises in turning around failing and bankrupt sites, is eyeing two parks near Edinburgh to add to three existing properties in Beattock, Dollar and Forres. Managing director Chek Whyte hopes to conclude deals for both by the end of the year.
The expansion comes as Richmond Wight has teamed up with UK tour operator Hoseasons to launch LuxuryLodgesDirect.com, allowing investors to buy a holiday home for either personal use or as a way of generating rental income. Hoseasons will manage the lettings business to “ensure year-round high-tariff bookings”.
“We have had a very busy 12 months, during which we have acquired Moffat Manor Country Park at Beattock, Dumfries and Galloway,” Whyte said.
“We have already invested over £500,000 in this park, putting in a new clubhouse, infrastructure, on-site shop and sales office. Over £1 million has been spent at Glendevon, and at Riverview in Forres we have started work on our new leisure centre to transform this park.”
Richmond Wight acquired its first Scottish property, Silver Sands in Lossiemouth, in March 2013. This was followed by a deal for Glendevon Country Park near Dollar, which had been in receivership.
The company sold Silver Sands to Bridge Leisure Management at the beginning of this year after returning the park to a five-star rating, but has retained Glendevon along with Riverview, another acquisition from 2013. It took over Moffat Manor at the beginning of this year.
Various packages are available with letting seasons ranging from 32 to 52 weeks of the year.
“We believe this lodge ownership deal represents a considerable investment opportunity in today's marketplace, and could be particularly beneficial to those looking for pension release opportunities," Whyte added.