Pontin’s is to remain a “national treasure” after being rescued from administration by the Britannia Hotel Group is a deal reported to be worth £20 million.
Joint administrators from KPMG confirmed the sale of the holiday parks business as a going concern to Britannia, backed by owner Alex Langsam, safeguarding the jobs of 850 staff.
Britannia has 36 hotels across the UK including the Adelphi in Liverpool. All five Pontin’s sites have traded as normal since entering administration in November and no redundancies of park staff have been made.
The sites are at Brean Sands in Somerset; Camber Sands, Sussex; Pakefield, Suffolk; Prestatyn Sands, Wales and Southport in Merseyside.
Rob Croxen, restructuring director at KPMG and joint administrator who led the sale, said: “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.”
Langsam described Pontin’s as a “great British institution” which “holds a treasured place in the hearts of many people and it represents an important part of our shared heritage”.
He said: “We intend to build on all those things that have appealed to countless generations of visitors: family entertainment, wholesome fun and exceptional value.
“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.”
Langsam added: “Britannia brings 30 years of experience and a track record of success driven by a spirit of independence, enterprise and enthusiasm.
“A hallmark of this success has been our willingness to adopt neglected properties and make the necessary investment to restore them to their former glory. We do it because we enjoy the challenge, because it matters and because we do it well.
“Our extraordinary buildings are enjoyed by ordinary people. This is a formula that has given us a thriving and sustainable business over the years and we are thrilled to be given the opportunity to work the same magic with Pontin’s.”