FINAL THOUGHTS
JOHN ANDERSON
The new chairman of Humberts Leisure looks back at the winners and losers over 30 years in the leisure property market, and says a fond farewell to outgoing chairman Nigel Talbot-Ponsonby
P
lus ça change, plus la même chose! In looking back over 30 years it’s incredible to mull over the changes in the
leisure market, but also it’s clear that many of the underlying products remain amazingly similar. I had just started working in the sector 30 years ago, hav- ing joined Body Son & Fleury, one of the first firms of chartered surveyors to spe- cialise in the UK leisure industry. It’s extraordinary to remember that in
the early 1980s one could apply for planning consent for a caravan park by filling in a short form and submit- ting a site plan where the only details given showed the boundaries of the property. The same application today would require lengthy pre-applica- tion discussions, the preparation of numerous layout and landscap- ing plans, and tens of thousands of pounds spent on reports cover- ing everything from transport impact to methods for protecting vagrant water voles. Of course this goes for all types of government control, with leisure busi- nesses having experienced an immense increase in compliance and reporting requirements over the same period. However this hasn’t caused the indus-
try to stagnate, since there have been some dramatic developments over the period. Merlin Entertainments wasn’t even a twinkle in anyone’s eye in 1980, and it was still a relatively small part of the Vardon portfolio in 1998. Now it’s ready to challenge Disney on the inter- national stage and is proving to be a great British success story. In contrast, one company that most definitely was a major player in 1980 and yet has still changed beyond all recognition in the intervening years, is Whitbread. Not only is it one of the most successful players in 2011, but
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over the 30 year period it has become the Dr Who of the leisure industry, able to reinvent itself through entry into a new growth market, then bravely change again to meet the next challenge. And then there’s been the occasional unexpected phoenix that rises from the flames. By the 1990s many industry commentators had assigned Butlins to the pages of history; a sorry tale of lost markets and poor service. Yet 2011 sees the brand going from strength
“I believe the great success
stories of the next few years are likely to be those leisure activities rooted in simple, authentic pleasures”
to strength under the entrepreneurial skills of the team at Bourne Leisure, with two stylish hotels up and running and more in the pipeline. But despite all the successes, there’s
still one testament to the difficulties that can be encountered in turning a dream into reality. Back in the early 1980s we were promised an international leisure destination at Battersea Power Station. We’re still waiting, although we wish the current owners well. During the past 30 years, leisure prop-
erty has earned a respected place within the broader investment market, and is regarded by many as an important ele- ment of a balanced portfolio. Equally, even in the current economic climate, private equity retains a substantial appetite for well-managed, asset-backed businesses. While bank funding is diffi- cult to secure, Humberts Leisure has
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been involved with a number of success- ful re-financing projects for clients over the past 12 months, and we have even detected the early signs of a willingness to provide development finance, which would have been unthinkable recently. What of the future? There will of
course be increasing technological innovation, making leisure activities at home even more enjoyable and creat- ing further challenges for the rest of the industry. However, for me, one of the most interesting developments of the last decade has been the increasing popularity of festivals and live events, and the greater empha- sis on cultural and family activities. While technology will be impor- tant, I believe the great success stories of the next few years are likely to be those rooted in simple authentic pleasures, delivered with exceptional style and great service.
NIGEL TALBOT-PONSONBY Finally a word about Nigel Talbot- Ponsonby, whose brainchild Humberts Leisure originally was. He is without doubt one of the most
important figures in the leisure property market over the last 30 years and he has had a very great influence on the way in which firms of leisure property advisors have developed. The advice he gives is treated with respect by his cli- ents who hold him in high esteem – for his broad knowledge, experience and above all for his integrity. Nigel expressed a wish to step down
from the chairmanship of Humberts Leisure in the autumn, having steered the firm throughout its life and through the management buyout he led in 1991. He continues to be one of our number, and I look forward to benefiting from his continued presence within the firm. l
ISSUE 1 2011 © cybertrek 2011
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