Pontins sold to Britannia Hotels
PONTIN’S, the ailing North West holiday camps business, was today sold out of administration to Britannia Hotels Group.
The deal with Hale, Greater-Manchester-based Britannia, will safeguard 850 jobs at the iconic company.
Pontin’s operates five sites – in Southport, Somerset, Sussex, Suffolk and north Wales. It went into administration in November and owed £47.6m to around 1,000 creditors.
New owner Alex Langsam of Britannia, pledged to invest in the business, adding: “We are delighted that we have been able to rescue the great British institution of Pontin’s. It holds a treasured place in the hearts of many people and it represents an important part of our shared heritage.
“Britannia brings 30 years of experience and a track record of success driven by a spirit of independence, enterprise and enthusiasm.
“We believe there is a growing demand for traditional seaside holidays and we are prepared to back this judgement with considerable investment. Great news for jobs and the local economies.
“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.”
Asset management company Bluebird Partners had been seen as a late rival to Britannia in the sale process, but the North West firm won the day.
David Costley-Wood, restructuring partner at KPMG and joint administrator, added: “Concluding the sale of Pontin’s to Britannia as a going concern is a fantastic result.
“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.
“We are really pleased that Britannia, a leisure operator with a proven track record, has clinched the winning bid, ensuring Pontin’s lives on as a destination for holidaymakers. The deal will breathe new life into this cherished British brand.”
