In June 2006, LGV acquired South Lakeland Caravans Limited, which was subsequently rebranded as South Lakeland Parks ("SLP"). SLP owns nine lodge and caravan parks in and around the Lake District and Morecambe Bay regions.
SLP predominantly operates the owner-occupier model, generating most of its revenue from the sale of caravans and lodges and is one of the country's leading providers of timber-lodge units, a market which has demonstrated high growth over recent years and maintains a hire fleet and a small number of touring pitches for caravans and tents.
LGV were attracted by the high quality asset-base and the opportunities to capitalise on the success of the lodge market. Additionally, there was a strong incumbent management team led by CEO, Graham Hodgson.
LGV supplemented the team with the appointments of a Finance Director (Nigel Wimpenny) and Martin Leppard as Non-Executive Chairman. Over the period of LGV's ownership, SLP embarked on a £3 million investment programme to upgrade the quality of the parks.
Improvements across the nine parks included new timber lodge developments, new internet café facilities, a new indoor swimming pool and better facilities for disabled guests. In November 2007, LGV successfully sold South Lakeland to White Ocean Leisure for £125 million, generating a return of more than twice its money in 17 months.
