The joint administrators of Pontin’s expect a rapid sale of the UK holiday parks business after receiving ten offers for the company.
KMPG reported to creditors that the company had £44 million of secured debt and a further £3.6 million in unsecured debt after falling into administration in November. It confirmed that all 850 staff have been paid arrears of wages, holiday pay and that the pension scheme is up to date.
All five Pontin’s sites at Brean Sands in Somerset, Camber Sands in Sussex, Pakefield in Suffolk, Prestatyn Sands in Wales and Southport in Merseyside have traded as normal since the appointment of administrators and no redundancies of park staff have been made.
Rob Croxen, joint administrator of Pontin’s and restructuring director at KPMG, said: “We’ve received a total of ten offers for the business, with the majority coming from parties who are keen to continue operating the business as a going concern and ultimately take the Pontin’s brand forward. While negotiations remain ongoing, we are confident of being able to conclude a sale in the near future.”
He added: “All employees, customers, suppliers and the various stakeholders involved in Pontin’s have rallied throughout the administration process.
“Clearly this is a tough time for all concerned but the level of support really reflects the goodwill the brand has earned over its long history. We have received a great deal of interest in the business and should be in a position to make an announcement on the sale of business in the coming weeks.”