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.”