Bluecoats tickled pink with Pontin’s purchase
Saturday, 31 Jan, 2011
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Britannia Hotel Group has ridden to the rescue of Pontin’s, buying up the holiday camp operator as a going concern in what administrator KPMG has called “a fantastic result”.
Britannia operates 36 UK hotels including the famous Adelphi Hotel in Liverpool.
Owner Alex Langsam told Associated Press: "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."
The sale of the operator as a going concern will also mean 850 jobs will be saved across the company’s parks in Somerset, Sussex, Suffolk, Denbighshire and Merseyside.
Pontin’s went into administration last November after complaining that its bank had stopped supporting it and that it had become a victim of the recession, despite remaining profitable.
Britannia has beaten off a long queue of suitors for Pontin’s including private equity firms,
individuals and developers and says it now plans to renovate neglected properties and “restore them to their former glory.”
by Dinah Hatch
Dinah
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