Our investee Sykes Holiday Cottages has reported a ‘staycation’ boom in summer 2018 driven by the Royal Wedding and a three-month summer heatwave.
The leading independent holiday home provider enjoyed a record year, with bookings up 36 per cent year-on-year and the number of travellers served hitting the 1.5 million mark.
Sykes have noted that a feel-good factor and sense of national pride – kickstarted by the Royal Wedding and sustained by the World Cup – combined with the summer heatwave, encouraged even more Brits to stay closer to home instead of heading overseas.
Despite the current squeeze on household spending, the trend shows no signs of stopping. Sunday 13th January 2019 broke records as Chester-based Sykes’ busiest day ever, with bookings up more than a third compared with the same day – dubbed Staycation Sunday – in 2018.
With currency rates continuing to make holiday properties overseas more expensive, and growing demand from second home-owners in the UK to make the most effective use of their properties all year round, the number of new owner enquiries also rose by 37 per cent during 2018.
Sykes Holiday Cottages now offers more than 13,500 holiday homes across the UK and Ireland, and employs more than 500 people.
The lure of the South’s sunny beaches once again drew holidaymakers to the seaside, with Devon and Cornwall helping ensure the South West of England remained the most popular region for staycationers, ahead of North Wales and Cumbria.
The Cotswolds was the fast-growing region, with bookings up more than 50 per cent last year.
Working with Sykes to improve customer acquisition and retention
Since our investment in 2015 we have worked with the team at Sykes to create scalable PPC campaigns, optimize other channels such as SEO, and develop greater brand awareness. Following these efforts, Sykes’ latest full-year accounts (to September 2017) showed sales rising 38 per cent to £37.5 million. Profit in the same period rose 28 per cent to £8.8 million.
Graham Donoghue, CEO of Sykes Holiday Cottages commented:
“Last year had already got off to a great start, but the Royal Wedding and then the prolonged heatwave that followed really did show off the best that Britain has to offer. Together with the fact that the UK can offer everything from beach breaks to adrenaline-fuelled adventures really made staycations every bit as attractive as a holiday anywhere else in the world.”
“With so much of this country to explore, holidaymakers increasingly opted either to stay at home or to top up their main holiday with another short break in unspoilt spots like Cornwall, the Cotswolds or Cumbria. Luxury properties such as the seven-bedroomed High Fellside Hall in Cumbria and pet-friendly breaks had been particularly successful during the year.”