Livingbridge-backed Sykes Cottages, the UK’s largest independent operator of UK holiday rental properties, has reported record growth in sales and profits in its latest financial year.
The business, which manages over 10,000 properties across holiday hotspots such as the Lake District, Devon and Cornwall and the Yorkshire Dales, said the rise of the so-called staycation and record numbers of foreign visitors* were accelerating demand.
In the year ending September 2016 – the first full year of trading since our growth capital investment – Sykes reports that the business generated sales of £27.3m**, an increase of 24% on the same period last year.
Bookings in the financial year to date were up 23%, with the business on track to serve over 1m holidaymakers, up from 815,000 last year.
Sykes commented that its profits (EBITDA***) rose 33% to £6.8m.