United Kingdom-based vacation rental management business Host & Stay Group has received an investment of £10.5 million to bolster its “buy-and-build” strategy.
The investment was made by Growth Partner, a consumer-specialist investment firm led by Richard Harpin, the founder and chairman of HomeServe. With its investment, Growth Partner takes a minority stake in the business.
“After several years of growing Host & Stay organically from a single property to one of the largest short-term rental management agencies in the U.K., we’re truly excited to be partnering with Growth Partner for our next phase of the journey and to realize our ambition of becoming one of the world’s best short-term rental operators,” said Dale Smith, founder and CEO of Host & Stay.
With the backing of Growth Partner, Host & Stay’s “buy-and-build” strategy will have immediate momentum, starting with the company’s acquisition of Brighton-based Airhost For You, which manages 105 properties, and Norfolk Holiday Properties, which manages 130 properties. Both acquisitions are being finalized alongside the investment deal.
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“Host & Stay embodies the entrepreneurial spirit and commitment to excellence that drives true innovation in any industry,” Harpin said of the 2018-founded company. “Dale Smith and his team have harnessed a unique market opportunity and are poised for tremendous growth.
Harpin said the backing should support Host & Stay as it sets out to establish “new benchmarks” in the short-term rental space. He believes the Host & Stay team is positioned for “tremendous growth.”
Alex Marsh, partner at Growth Partner, called Host & Stay “a truly disruptive force.” He added, “This rapid growth and innovative model have made H&S a standout in the booming £2.5 billion U.K. staycation market.”