A Cotswolds holiday homes rental business has said it is experiencing "record levels" of trading amid a rapid expansion of its property portfolio. StayCotswold said year-on-year letting income for the final quarter of 2022 had doubled to £1.7m.
The Stow-on-the-Wold-based business added it was "on track" to achieve gross booking value of around £6m for the 12 months to the end of March - up from £3.2m the year before. Forward booking numbers for each property are also up 38% compared with 2021, the firm said.
StayCotswold’s portfolio includes cottages, houses, luxury converted barns, manor houses and farmhouses as well as a collection of shepherd’s huts and cabins. The company said it had doubled its number of properties in the past 12 months to 140, and was planning to grow the figure to 160 by the end of January - and to around 250 by the end of 2024.
Commercial director Mat Faraday said the company’s growth was being fuelled by increasing its market share alongside the expansion of its portfolio. He said StayCotswold’s pricing strategy had formed "an important part" of its business model and was also driving bookings.
“It means we can be completely agile," he said. "We review the performance of each property at least twice a month, so we are able to quickly match supply and demand for holiday home rentals across our portfolio.
“Balancing the demands of property owners and guests in terms of booking numbers and value has to be done intelligently, with careful analysis of the market and the use of dynamic pricing strategies."
StayCotswold was founded in 2009 by Fergus Mitchell but was acquired in 2021 by Mr Faraday, Tom Burdett and Tracy Archer - all of whom had previously held senior roles in other holiday cottages businesses. Mr Mitchell has remained a director and shareholder. In October, the company relocated to a larger office in Gloucestershire.
Mr Faraday added: “Due to the pandemic, the last two years have introduced more people to the idea of a staycation, particularly for holiday lets that can compete with hotels on quality, but are typically better value.
“While many people headed back abroad again in 2022, our booking numbers continue to increase, giving us confidence that cottage holidays in the Cotswolds remain attractive, as there is so much going for the region.”
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