Financier Hands checks into holiday parks operator Lovat

The investment firm founded by financier Guy Hands has struck a deal to buy a portfolio of British holiday parks.

Sky News has learnt that Terra Firma, which Mr Hands ran for decades, is buying Lovat Parks, a privately owned leisure group, in partnership with Angelo Gordon, a specialist backer of real estate assets. Lovat Parks operates premium holiday homes and luxury lodges at nine sites across the UK, including locations in Cornwall, Norfolk and the New Forest.

Money latest: The area where 35k parents have been fined over school attendance Raoul Fraser, the company's founder, will continue to run the business. The deal is one of Terra Firma's first acquisitions since it announced in 2023 that Mr Hands would step back from day-to-day involvement with the firm.

He set up Terra Firma in 2002, and through it acquired companies including the record label EMI and the care homes operator Four Seasons Health Care. Last December, it struck a near-£6bn deal to sell 36,000 military homes to the UK's Ministry of Defence, bringing an end to a long-running battle between Mr Hands' firm and the government.

The price it and Angelo Gordon were paying for Lovat Parks was unclear on Tuesday. Read more from Sky News:Food inflation highest for more than a year - more to come, industry warnsMandate solar panels on all new homes to cut bills, councils argue In a statement issued following an enquiry from Sky News, Terra Firma managing director Richard Hands - the son of Guy - said: "Lovat Parks operates some of the highest quality holiday parks in attractive destinations around the UK, in a sector that has proven resilient and durable.

"Through our partnership with TPG Angelo Gordon, we are excited to bring our operational and strategic expertise in multi-site asset-backed businesses to deliver on the company's ambitious growth plans.".