Henry Vernon, former Sales and Marketing Manager at Atlantic Reach, and his Finance Manager Alistair Jones bought the Newquay holiday village Atlantic Reach in August 2012 with £700m funding from NatWest.
To balance the seasonal nature of the 230-strong holiday home business, the management team has invested in the site’s leisure club, refurbishing the health and beauty spa and soft play area to provide year round services for customer living locally. The historical manor house has also been opened up as a bar and restaurant, and will be developed further as a special functions venue.
Vernon and Jones worked with Elizabeth Stansfield, Senior Relationship Manager at NatWest's Truro office to arrange the £700,000 funding through the Funding for Lending Scheme to buy Atlantic Reach. A separate holding company was set up to support the management buy-out.
Vernon, now Managing Director of Atlantic Reach, says: "We felt the management buy-out was a great opportunity based on the site’s development potential. NatWest appreciated this; they understood the business’ complex requirements but acted quickly and supported us every step of the way."
Investment in a new EPOS system has enabled efficiencies to be built into the business to support the new management team together with new roles – including a business development manager and spa manager.
This holiday season will also see the introduction of an electronic check-in process to take the stress out of arrival day for guests and loyalty systems are being introduced for local customers.
Vernon says: “Our aim is to make Atlantic Reach the regional premier holiday and leisure resort in Cornwall, attracting the best staff and keeping customer service at the heart of everything we do.”
Elizabeth Stansfield adds, “Working with Henry, Alistair and Don has been great – the guys have a fantastic vision for Atlantic Reach as a destination site and also as a player within the local tourism economy. We know that the resort is set for great things under their guidance and we look forward to building on our partnership in the future.”