Member News
Teesside-based short-term rental property management company Host & Stay has received £10.5 million in investment from consumer-specialist investment firm Growth Partner.
Growth Partner, which is backed by HomeServe founder and chairman, Richard Harpin, has taken a minority stake in Host & Stay, which has grown from nine to more than 1,000 properties over the last five years since its founding in 2018.
The investment will go towards continuing Host & Stay’s rapid growth in the UK and supporting its buy-and-build strategy, which has been set in motion with two acquisitions completing in parallel with Growth Partner’ investment.
This includes the purchase of Norfolk Holiday Properties, which provides management services to 130 properties in Norfolk, and Airhost for You, which manages 105 properties in Brighton.
Host & Stay has previously bought Liverpool-based property management company Host So Simple and Canterbury-based operator Blue Fox Rentals as it continues to expand its footprint across the UK.
Host & Stay is part of the SDDE Smith Group, whose brands also include Styled Interior Design, Grey-Smith Legal [property conveyancing services], WOODSmith Construction Group [end-to-end design and build service], The Holiday Home Housekeeper [housekeeping], Manhattan Property [estate agents], Co Stays [hospitality for guests and tenants], Roam & Stay [motorhome rental], resicentral [smart technology and automation], INVESTicity [end-to-end property investment service] and Selwyn Hedgley [estate agents].
In addition, the company recently launched its StayLocal tech platform, which provides an accessible solution for independent hospitality businesses such as shops, cafes, restaurants and attractions to connect with inbound tourists and incentivises them to spend their money with local independent businesses.
Recent notable hires at Host & Stay include chief financial officer [CFO] Claire Maith, who has previously held the same role at automotive business Peter Vardy Group and independent travel agency Hays Travel Group, and other senior appointments across operations, technology, marketing and an in-house mergers and acquisitions [M&A] function. The company is preparing for further expansion through a combination of strategic M&A and organic customer acquisition.
Alex Marsh, partner at Growth Partner, led the deal and was supported by Jade Kelsall.
Harpin said: “Host & Stay embodies the entrepreneurial spirit and commitment to excellence that drives true innovation in any industry. Dale Smith and his team have harnessed a unique market opportunity and are poised for tremendous growth.
“Our backing will support H&S in its journey to set new benchmarks in the holiday let and rental management space,” he added.
Smith said: “After several years of growing Host & Stay organically from a single property to one of the largest short term rental management agencies in the UK, we’re truly excited to be partnering with Growth Partner for our next phase of the journey and to realise our ambition of becoming one of the world’s best short-term rental operators.
“Alex and the wider Growth Partner team have been exceptional to work with throughout the investment process and they have approached the partnership in a collaborative and pragmatic way from day one. This approach has only further strengthened my confidence that we have chosen the right investment partner, and along with the vast experience and strategic influence of Richard, we’re now in a fantastic position to accelerate the growth of Host & Stay both in the UK and overseas,” he added.
Marsh said: “We’re very excited to announce our latest investment in Host & Stay, a truly disruptive force in the holiday let and short-term rental management sector. Dale’s vision and execution have transformed H&S from startup into one of the market leader’s with over 1,000 properties under management in just five years. This rapid growth and innovative model have made H&S a standout in the booming £2.5 billion UK staycation market.
“Dale is building an outstanding team, and our support and investment will fuel H&S’s buy-and-build strategy as they build towards national coverage. H&S are on a mission to redefine industry standards, enhance guest experiences, and provide unmatched service and yields to property owners and we’re excited to supporting Dale and his team accelerate growth,” added Marsh.
