Parkdean loan deal boosted by UK holiday boom

Caravan park operator Parkdean Holidays has credited increased interest in domestic holidays for its extension of a £210 million bank loan on favourable terms.

The 24-park group said it had extended the loan by two years to 2014 on similar terms to its previous deal, unlike many companies which have been forced to agree to less favourable interest rates to get extensions in the current downturn.

Parkdean chief executive John Waterworth hasput the successful talks down to a solid performance against a difficult economic backdrop and good relations with the Anglo-Irish Bank.

He also revealed holiday sales and on-park spending had risen strongly but caravan sales had been very difficult. The increase in people holidaying in the UK had, he added, offset lower spending by existing customers.

In its latest results for the year to the end of January turnover rose slightly to £124m while earnings before interest, tax, depreciation and amortisation up to £31.5m from £28m with that figure forecast to rise to between £33m and £34m this year.

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