The purchase will increase Sykes’ portfolio of 400 properties, on the Suffolk Coast, the Brecks and the Constable, complementing its existing portfolio of 20,000 properties.
Best of Suffolk, which was founded 15 years ago by husband and wife Alex and Naomi Tarry, will still retain its brand name once the acquisition is complete.
Graham Donoghue, Managing Director of Sykes Holiday Cottages, said: “Like Sykes, the focus at Best of Suffolk has always been to provide a wonderful vacation with high quality customer service. This agreement will allow the company to continue to grow with these principles at its heart, while also allowing us to bring everything that this beautiful part of the country has to offer to a much wider audience of vacationers. “
During this time, the Tarrys will withdraw to pursue other businesses.
Alex Tarry said: “Resigning after 15 years has been a difficult decision to make, but we are sure our team, owners and guests will be in good hands with Sykes Holiday Cottages.”
Sykes, which has been backed by international investment firm Vitruvian Partners since 2019, reported a record 417% increase in bookings during the pandemic, despite the implementation of national lockdowns and mobility restrictions in the past 16 month.
In addition to the UK, Sykes operates in Ireland and New Zealand, having invested two years ago in Auckland-based rental company Bachcare.
In June, the company announced the launch of a nationwide competition to find ‘Britain’s best vacation rental’, with the winning entry receiving a cash prize of £ 10,000. Vacation home owners can also fit into categories like Best Renovation, Best Original Vacation Rental, Best Sustainable Vacation Rental, Best Interior Design, and Best Property with a View, at this point. connect before the deadline of September 13, 2021.
Last year, however, Sykes was forced to reimburse thousands of customers for reservations canceled during the first lockdown, after action by industry watchdog, the Competition and Markets Authority. [CMA], urged the company to reverse its coronavirus cancellation policy.
The company and the 24 companies and brands it owns, as well as the vacation rental site Vacation Rentals, which owns brands such as Hoseasons and Cottages.com were targeted by the investigation after the CMA claimed it had received 80% of complaints from the start. of March 2020 relating to cancellations and refunds.
His main case against Sykes resulted from the agency’s refusal to reimburse in full in cash all of its customers whose reservations had been canceled due to the Covid-19 pandemic.