Current press releases

3 December 2007

LGV sells South Lakeland Group for £125 million

LGV Capital ("LGV") has sold South Lakeland Group ("South Lakeland"), the holiday park operator, to White Ocean Leisure ("White Ocean") for £125 million.

South Lakeland operates nine high quality timber lodge and caravan holiday parks situated in the Lake District and Morecambe Bay regions. Fallbarrow Park at Bowness-on-Windermere and Limefitt Park in the Troutbeck Valley, were named among the best 100 parks in the UK.

LGV acquired South Lakeland in a management buyout in June 2006. Since LGV's acquisition the Company has embarked on a £3 million investment programme to upgrade the quality of the parks' accommodation and facilities. Reflecting the increasing popularity of the Lake District as an upmarket visitor location, improvements across the nine parks have included new timber lodge developments, new internet café facilities, a new indoor swimming pool, a new children's play area, new jetties, revamped tennis courts and better facilities for disabled guests.

Commenting on the sale, Bill Priestley, Managing Director of LGV said, "South Lakeland has been an excellent investment. We have a strong track record investing in high quality asset-backed leisure businesses with first class management teams and South Lakeland has been no exception. We wish the company continued success with its development in the years ahead."

Graham Hodgson, Chief Executive of South Lakeland added, "Since LGV's acquisition we have made considerable progress in planning and executing a strategy that has generated positive results in a short period of time. In White Ocean we have a new partner that wants to grow and invest in our business and further develop our horizons."