Happy days return for UK holiday operator

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AccountingWEB.co.uk
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KPMG has confirmed the sale of holiday camp operator Pontin’s to the Britannia Hotel Group, bringing the long-running British institution out of administration.

The 65-year-old holiday parks company will continue as a going concern backed by Britannia founder Alex Langsam.

On 12 November KPMG’s Jane Moriarty, David Costley-Wood and Rob Croxen stepped in as joint administrators to Pontin's Limited.

Croxen, the restructuring director who led the sale, said: "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.”

KPMG received more than 60 initial inquiries resulting in 10 offers on the table.

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