Funded by Lloyds Bank, the deal means 75 per cent of new holding company Alfa Leisureplex Group has been acquired by the company’s Employee Ownership Trust for an undisclosed sum.
The business, which recorded revenue of £34.8m in its latest financial results, operates 21 hotels in coastal resorts across the UK under its Leisureplex brand.
Its sister company Alfa Travel sells more than 100,000 holidays in the UK, Ireland and Western Europe per annum.
Founder and finance director Peter Sawbridge, will become a non-executive director. Current financial controller, Emma Russell, will assume financial director responsibility, and managing director Paul Sawbridge will become non-executive chairman of the new company and a trustee of the employee trust.
Karen Sawbridge, operations director of Alfa Leisureplex Group, said: “The move to employee ownership is a very positive step for the business and our staff. We believe making our colleagues owners will further empower them to deliver the outstanding quality of service for which our hotels and holidays are already well known.
“With ongoing investment in our hotel and coach facilities, we are firmly focused on plans to grow organically throughout the UK.”
Lloyds Bank Commercial Banking’s Merseyside Mid Markets and Strategic Finance teams advised on the transaction.
John Csizmadia, relationship director at Lloyds Bank Commercial Banking, said: “We have worked with Alfa Leisureplex Group for a number of years, and have been impressed by the experience and expertise within the management team. With impressive customer retention levels and reputation for excellent, personal service, the vision for the business is clearly shared by its staff. We look forward to supporting the business in its next and exciting stage of growth.”