Hull based holiday homes manufacturer celebrates £200m ‘staycation success’

Holiday homes specialist Willerby has delivered record turnover and profits, buoyed by a structural market change in favour of holidays and short breaks in the UK.

Hull based Willerby has posted the best results in the company’s 77-year history, with revenues above £200m for the first time, as the business continues to capitalise on the growing popularity of staycations. In the company’s latest accounts, for the year to October 1, 2022, Willerby recorded turnover of £217m, up 67 per cent from £129.9m the year before.

Operating profits rocketed to £15.1m, a fourfold increase on £3m the previous year, and adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) reached £17.2m, growth of 224 per cent on £5.3m the year before. The business also ended the financial year with a cash balance of £37.6m, up by £12.1m (47 per cent) year on year.

Willerby is the UK’s largest manufacturer of static caravans and lodges, building a third of new units destined for holiday parks, as well as operating a growing residential park homes brand, Willerby Bespoke.

The company is at the forefront of an “important and growing” UK manufacturing industry, which is clustered in Hull and East Yorkshire and employs 20,000 people directly or indirectly within the region.

Willerby’s performance reflects the buoyancy of the staycation market as increasing numbers of consumers shun holidays abroad in favour of reliable, secure and sustainable UK vacations and more frequent short breaks on these shores.

CEO Peter Munk commented: “There’s no doubt there has been a structural change in the market since COVID, which we believe will benefit our business and industry over the long term.

“The UK has some of the world’s most stunning locations, currently being showcased to millions of people in Sir David Attenborough’s beautiful BBC series Wild Isles. The appeal of the British countryside and coast has never been greater.

“We’ve also seen very significant institutional investment into the staycation market, especially in the holiday parks sector, and in upgrading facilities at sites across the country.

“That has all fed through to a sustained surge in holiday home ownership and bookings at holiday parks which has, in turn, generated very strong demand for our static caravans, lodges and residential park homes. Our order book is very strong and we’re now setting out detailed production plans for 2024, to meet the robust demand for our models.”

By Matthew Neville – Senior Correspondent, Bdaily

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