The future of one of Britain’s biggest holiday park operators – Parkdean Resorts – was made clearer this week after it emerged that three private equity firms are battling it out to buy the firm.
Parkdean Resorts was only formed 12 months ago, following the merger of holiday park operators Parkdean and Park Resorts, but now it could be set for new ownership as a £1.4 billion battle hots up.
The Times and Reuters reported that private equity forms Onex, Advent International and Centerbridge were in detailed talks with Parkdean Resorts and had made it through to the second round of the bidding process.
Parkdean Resorts, itself owned by private equity firms Electra Partners and Alchemy Partners, was put up for sale earlier this year, with Rothschild hired to manage the sale.
It is believed that the interest – and price tag – has been helped by the rise of the so-called ‘staycation’ with hundreds of thousands more Britons holidaying at home in 2016 – and with 2017 set to follow suit.
Travel companies expect more Britons to take their holidays in the UK after the sharp fall in the value of sterling since June’s EU referendum, at the vote to leave, reported the Times.
Over the summer Parkdean Resorts saw bookings increase 11%. It has 73 holiday parks across the UK.
Pitched reported back in October that two former Park Resorts bosses – David Boden and Nigel Brewster – were also interested in purchasing Parkdean Resorts, backed by another private equity firm – BC Partners. However, there was no mention of whether they too had made it through to the next round of the sale process.