Privately-owned UK holiday rental business Rural Retreats has been acquired by HPB, which manages the Holiday Property Bond, for an undisclosed sum.

Gloucestershire-based Rural Retreats manages 350 houses across the UK and arranges about 11,000 holidays a year, generating £7.5 million. It has 85 full and part-time employees.

The Holiday Property Bond was established in 1983 and has net assets of more than £280 million and 40,000 investors.

Chief executive James Boyce said: “We are pleased to have purchased Rural Retreats. The company has an excellent reputation for managing high quality rental properties across the UK.

“It is our intention to continue to run Rural Retreats as a separate company within the HPB Group, to maintain the quality, develop the range of services and to expand the rental management team.

“In addition to the purchase of Rural Retreats, we are looking to make further acquisitions for the HPB Group, expanding our offer of high quality rental properties across Europe.

“This year we have also launched Lantern & Larks, which offers high quality luxury camping holidays. Existing investors in HPB will benefit from a discount when they book holidays with Rural Retreats and also with Lantern & Larks.”

Rural Retreats chairman Professor Sir John Beddington said: “One of the key considerations in selling Rural Retreats was the security of our staff. James Boyce has stressed that jobs are safe at Rural Retreats and if anything, the business will be expanded in future years.”