Pontin’s could be sold to royal family
Administrators looking to sell Pontin’s say they have had a lot of interest in the business and talks regarding its sale are expected to continue today.
One of the interested parties is believed to be Indian millionaire Bhanu Choudhrie, head of C&C Alpha Group, who, according to reports in the Mail on Sunday, wants to team up with the Dubai royal family to buy Pontin’s. He said he was prepared to pay up to £15 million for the iconic British brand.
A spokeswoman for administrators KPMG, which was appointed to run the chain of five UK holiday parks last Friday, said it had not been in direct contact with the C&C Group, but she added: "They are definitely people we would like to be talking to."
Choudrie told the Mail on Sunday he would keep the management of Pontin’s in place and expand the business, securing the jobs of the existing 850 employees.
The entrepreneur said he had looked at the business six month ago when chief executive Ian Smith was looking for investment, but he walked away from a deal after carrying out due diligence.
It is believed Pontin’s management called in the administrators last Friday when the bank Santander, which had loaned the business £46 million, pulled the plug.
KPMG confirmed today that all Pontin’s holiday parks would remain open and bookings would be honored while it searches for a buyer. It is looking for ‘an experienced operator’ to run the business while it is in administration.
"We want customers to know that it’s ‘business as usual’ at Pontin’s," she said. "We can run a business in administration but we are not experts in running holiday parks and leisure facilities so we need some people in there who have experience in running holiday parks."
Joint administrator Jane Moriarty added: "Pontin’s is an iconic British brand which forms the backdrop to thousands of treasured family holiday memories. It has unfortunately struggled in the current economic environment but, with some support from new management, we are optimistic that it will be part of thousands of family memories in the years to come.
“From day one, we will be actively running Pontin’s to ensure that our guests’ holiday expectations are met. Any customers with queries about their holiday plans should call our dedicated helpline.”
The helpline number is 0844 576 8481.
Parties interested in the business should call Sandra Lister at KPMG corporate finance 0161 246 4901.
By Linsey McNeill
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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