The former owners of one of the UK’s biggest holiday park operators – Parkdean Resorts – are reportedly in discussions about buying back the business for £1.2 billion.
It was only 12 months ago that Parkdean Resorts was created following the merger of holiday park operators Parkdean and Park Resorts, both of which are backed by private equity companies.
But now the Telegraph reports that David Boden and Nigel Brewster, the former chief executive and finance boss of Park Resorts are working on a buyout of the newly-enlarged business, backed by another private equity firm – BC Partners. Discussions are said to have been taking place over the last few months.
The Telegraph claimed that the company’s current owners recently scrapped the idea of floating the firm on the London stock market. One source told the paper that the recent rise of the so-called staycation market, following the Brexit vote, and the slump in the value of the pound has made holiday parks even more of a potential money-spinner as more people snub holidays abroad.
Over the summer Parkdean Resorts saw bookings increase 11%. It has 73 holiday parks across the UK.