The management team at Torquay Leisure Hotels Ltd has taken a majority stake of the company, funded by Santander and Connection Capital.
TLH Leisure Hotels was founded in 1947 by the Murrell family, who acquired the Derwent Hotel in Torquay.
It has since adopted the name TLH Leisure Resorts to reflect its expertise in combining accommodation, leisure and entertainment on a single site.
The portfolio now includes Victoria, Toorak and Carlton hotels, as well as the Derwent.
The deal sees members of the current management team of Iain Piercy, Jason Garside and John Finnegan acquiring a majority stake, while managing director Laurence Murrell will retain equity in the business, but won’t be involved in the day-to-day running.
“I am hugely proud of what has been achieved by TLH resorts in the last 71 years, growing to an award winning resort business with a nationally recognised brand name synonymous with great value holidays”, Murrell said.
“Great people have always been key to TLH’s success and I am confident that the new management team will continue to expand and grow on that success for many future generations of customers to enjoy.”
Andy Killick of PKF Francis Clark, the company that advised the Murrell family throughout the sale process, is particularly pleased to see the company still in the hands of people with local roots and knowledge. “It is pleasing that the deal outcome will see ownership being retained locally and that continuity will ensure that the business continues to go from strength to strength”, he said.