850 jobs secured as Pontin’s sold by administrators
About 200 jobs at the Pontin's Pakefield holiday park have been secured after the business was bought out of administration.
In a positive step for the region's tourism industry, the British seaside holiday chain was acquired by Cheshire-based Britannia Hotel Group from administrators KPMG, who were appointed in November after the firm suffered a dramatic drop in trade.
The sale safeguards 850 jobs across five site in England and Wales, all of which have continued to trade since the appointment of KPMG, with no redundancies among park staff.
While the exact details of Britannia's plans for the business have not been revealed, owner Alex Langsam said he planned to restore Pontin's sites to their 'former glory' and was prepared to invest significantly in the business.
Mr Langsam said: 'We are delighted that we have been able to rescue the great British institution of Pontin's.
'It holds a treasured place in the hearts of many people and it represents an important part of our shared heritage.'
He said Britannia had 30 years' experience and a track record in restoring 'neglected properties', an approach he said would the company would look to apply with Pontin's.
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He added: '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.'
He added: 'Pontin's will remain a national treasure, to be enjoyed by generations to come.'
In addition to Pakefield, Pontin's has parks in Somerset, Sussex, Wales and Southport, 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.'