Welcome Break

Welcome Break is one of the three main Motorway Service Area (MSA) operators in the UK, with 34 locations situated on the most profitable stretches of the UK motorway network.

The MSA market benefits mainly from the fact that over 90% of turn-ins are non-discretionary (i.e. driven by basic human need). The sector also demonstrates high barriers to entry through strict regulations on the location and distance between sites, as well as tight restrictions on permissions to build new sites.

The Fund participated as part of a club deal in the junior notes of Welcome Break, benefitting from security against an underlying base of freehold and long-term leasehold assets.