Sykes Holiday Cottages has invested in a holiday rental firm in New Zealand.
The group said the purchase of Bachcare gives it a foothold in the southern hemisphere and represents its first move into international markets.
Graham Donoghue, chief executive of Sykes Holiday Cottages, said: “It has always been our ambition to scale into new markets and, working together with Bachcare will enable us to take our first step towards further international growth.”
Bachcare, which currently manages over 2,000 properties in more than 150 locations, will continue to target the domestic New Zealand market, operating under its existing brand.
Founder Leslie Preston will stay on as CEO.
Sykes Holiday Cottages said it will support Bachcare’s ambitions to expand beyond New Zealand.
“There are huge synergies between our business and the one that Leslie has built over the past 16 years,” said Donoghue.
“Like the UK and many other markets globally, staycations are a huge and growing part of the leisure sector in New Zealand. Bachcare has grown to lead that market through its laser-like focus on delivering an excellent experience for holidaymakers from the moment they land on the website to leaving the property at the end of their holiday.
“By working with Leslie and her team, and by learning from each other’s expertise, we are confident that Sykes Holiday Cottages can continue growing in the UK, that Bachcare will maintain its growth in New Zealand, and that together, we can enter other new markets around the world.”
Chester-based Sykes Holiday Cottages employs more than 500 people and last year served more than 1.5 million holidaymakers.
Last year, it grew bookings by more than a third and saw enquiries from new owners rise by the same amount.
Bachcare employs around 50 people at its head office near Auckland and works with around 100 contracted holiday managers across North and South Island.