Caravan Parks – or perhaps more accurately Holiday and Home Parks – are traditionally family owned, have significant value and have particular challenges but also opportunities.
As family owned businesses they face the same issues that challenge any family business – but more so given the significant values involved and the difficulty in getting Business Property Relief for Inheritance tax. The typical work we get involved in includes
- Business Property Relief planning for Inheritance tax
- Capital Gains tax mitigation
- Fundraising and exit routes
- Succession planning between the generations
- Commercial and strategic direction
- Corporate structuring via limited company, unlimited partnership, LLP
- Incorporation and the benefits of using a Limited company – especially if there is borrowing to pay down
- Financial forecasting, management information and I.T.
- Finance department structuring and best practice
The three of us involved in this work and with a particular specialism in the sector are:
- Howard Hackney – formerly UK Head of Family Businesses for Grant Thornton, who has addressed succession and structural issue for at least ten parks over the last five years
- Dean Styger – former Finance and later Managing Director of Talacre Beach Group and Plas Coch Holiday Homes Ltd until its sale – has 20 years in this industry
- Mark Steel – former Head of Mergers and Acquisitions for Grant Thornton Liverpool, and has held finance leadership roles in family, AIM-listed and private equity-backed businesses
As an owner-managed business ourselves, we understand the issues, risks and opportunities inherent in privately held businesses and can help you navigate a safer course to your end goals.
Every business is unique but the problems they face are not – with goodwill and a preparedness to compromise there is always a way forward.