A new UK holiday parks operator as been created through the take over of two sites in Devon.

An unspecified “significant multi-million pound” initial investment was made by private equity group Kings Park Capital to acquire the two independent holiday parks.

The sites – Otter Falls and Clawford Lakes – become the first assets in Lakeshore Leisure Group, established in August to pursue a buy-and-build strategy in the UK holiday parks sector.

Kings Park Capital, an investor in Just Go Holidays and Specialist Journeys Travel, sold Bridge Leisure Parks in 2015 following a five-year tenure and has interests in a range of companies in the leisure sector.

The firm plans to deploy further “development and bolt-on acquisition capital” in support of Lakeshore CEO Stephen Twiss, a former head of sales for Bourne Leisure’s caravan parks division. More recently, Twiss was manging director lodge parks company Luxury Lodge Estates.

Otter Falls Holiday Park near Honiton is a freehold park that extends to 40 acres. The site currently comprises 16 holiday letting cottages and 13 Scandinavian-style lodges set around three lakes.

Clawford Lakes in Holsworthy, north-west Devon is a complex set in 78 acres including 17 man-made fishing lakes, 24 self-catering units, eight B&B rooms, a six-bed farmhouse, as well as large bar and restaurant area. Outline planning permission exists for holiday accommodation, representing a “rare opportunity of scale to expand a picturesque site that already has core central facilities in place,” according to Kings Park Capital.

Partner Artjom Dashko said: “We believe the combination of sustained growth in UK staycations, KPC’s previous successful experience of investing in the domestic accommodation sector with Bridge Leisure, the partnership with a talented sector operator in Stephen, the asset-backed business model and the opportunity for significant further investment in these sites and future acquisitions should drive attractive capital returns for KPC fund investors.”