BusinessBusiness RecoveryAdministrators sell Pontin’s as a going concern

Administrators sell Pontin's as a going concern

Brittania Hotel Group purchases Pontin's from KPMG administrators: no job losses

LONG-RUNNING UK holiday site operator Pontin’s has been sold as a going concern by administrators from KPMG.

The sale, to the Brittania Hotel Group, secures 850 jobs. No redundancies were made during the insolvency process.

KPMG’s Jane Moriarty, David Costley-Wood and Rob Croxen were appointed as joint administrators to Pontin’s on 12 November 2010.

“Concluding the sale of Pontin’s to Britannia as a going concern is a fantastic result,” said Croxen.

“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.”

Brittania’s Alex Langsam said his business had a “willingness” to adopt neglected properties and make investment to “restore them to their former glory”.

“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.”

 

 

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

1w Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

1w Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

4w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor