A Harrogate company which is one of the leading suppliers of high-speed wifi to holiday parks has become an employee-owned business in a deal backed by a SME loan from Mercia.
Leisure Park Internet Solutions provides services to over 100 parks throughout the UK and has developed its own ‘direct to van’ solution that overcomes the challenges of providing high-quality broadband in holiday homes.
Founder Paul Atkins has now transferred his shares into an Employee Ownership Trust (EOT) which will own the business on behalf of its 15-strong team, however he will continue in his role as Managing Director for the foreseeable future. As part of the deal, two independent directors – finance professional Anthony Richardson and property management specialist Trevor Cooper – have joined the EOT board.
Leisure Park Internet Solutions was established in 2013 when Paul experienced wifi problems at first hand after buying a holiday home at a park in Wales. Working with external consultants, he developed a new system using receivers connected to the outside of the home to ensure faster speeds with less interference. The company has grown rapidly in the past few years and has almost doubled its turnover in the two years to March 2023.
Paul Atkins says:
I’m proud of the progress that the business has achieved to date and look forward to leading its expansion in the years to come. However as we celebrate our tenth anniversary, I also felt I needed to consider its long-term future. Employee ownership seemed to be the most appropriate option while at the same time recognising the commitment of our team.
Mike Rogers of Mercia added:
Leisure Park Internet Solutions is catering to a growing market, as trends such as flexible working and the popularity of ‘staycations’ drive demand for high-speed internet at holiday parks. The company has built a strong reputation and client base. The employee ownership model will help ensure its independence going forward and provide a platform for long-term growth.
Anthony Richardson of Transaction Support provided fundraising advice to the company.