Vista Parcs has been set up to acquire 13 UK holiday and residential parks ahead of joining AIM. To help finance the purchase there will be a placing with institutional investors through nominated adviser and broker Zeus and a retail offer via RetailBook. The anticipated market capitalisation is £50m.
Vista Parcs is expected to start trading on AIM on 31 March. The retail offer closes at 2pm on 24 March.
The minimum subscription is £250, and the investment has to be made via a participating partner.
A debt facility will provide additional funds to pay for the acquisition, which will cost £68.5m in cash.
Barney Group 2 is currently the 100% shareholder of Vista Parcs, and it will sell the 13 residential parks, which are operated by subsidiary Baslow Parks, to the company. Barney Group 2 is owned by Anthony Barney and Donna Barley, via their shareholding in Barney Group 1, and was incorporated on 28 October 2024.
The parks in England and Wales have pitches occupied by manufactured homes, lodges and static caravans. There are currently 1,752 pitches with planning permission and 718 of these are undeveloped. Average occupation length is 15 years.
Revenues come from pitch fees and rentals, plus the sale or hire of residential units. Residential unit sales tend to raise between £175,000 and £385,000, while holiday units sell for £35,000 to £225,000.
In the year to March 2025, the parks generated revenues of £11m, with £2.34m from recurring pitch fees and £6m from unit sales. EBITDA was £4m. In the most recent six months period, revenues were £5.15m with EBITDA of £2.24m. Since then, the business has continued to trade profitably.
Knight Frank values the portfolio at £80.5m. Management believes that improved marketing can raise the number of occupied pitches. There is also space for an additional 922 pitches, although they do not have planning permission yet.
A debt facility will provide additional funds to pay for the acquisition. Chief executive James Voce has a background in M&A.
Pro forma net assets will be £55.6m with net debt of just over £19m. The first interim dividend is expected to be paid in October 2026.