Buyer found for Pontin’s
HOLIDAY park group Pontin’s, which went into administration last November, has been sold as a going concern in a deal safeguarding the jobs of 850 staff.
The joint administrators from accountancy firm KPMG have sold the business, which operates five parks in England and Wales, including one at Pakefield, near Lowestoft, to the Britannia Hotel Group.
Rob Croxen, restructuring director at KPMG and the joint administrator who led the sale, said: “Concluding the sale of Pontin’s to Britannia as a going concern is a fantastic result.
“The business attracted a high level of interest from a broad range of investors such as wealthy individuals, private equity houses, property developers and trade buyers.
“We are really pleased that Britannia, a leisure operator with a proven track record, has clinched the winning bid, ensuring Pontin’s lives on as a destination for holidaymakers. The deal will breathe new life into this cherished British brand.”
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Britannia owner Alex Langsam added: “We are delighted that we have been able to rescue the great British institution of Pontin’s. It holds a treasured place in the hearts of many people and it represents an important part of our shared heritage.
“Britannia brings 30 years of experience and a track record of success driven by a spirit of independence, enterprise and enthusiasm.
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“A hallmark of this success has been our willingness to adopt neglected properties and make the necessary investment to restore them to their former glory. We do it because we enjoy the challenge, because it matters and because we do it well.”
He added: “We intend to build on all those things that have appealed to countless generations of visitors: family entertainment, wholesome fun and exceptional value.
“We believe there is a growing demand for traditional seaside holidays and we are prepared to back this judgement with considerable investment. – great news for jobs and the local economies.
“The prospects for Pontin’s are very exciting. Our plans will take shape without delay as we look towards developing a bright future whilst retaining the best traditions of the past. Pontin’s will remain a national treasure, to be enjoyed by generations to come.”