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Business News

Pontin's lives on as administrator finds buyer for holiday camp chain

The future of the holiday camp brand Pontin's has been secured after administrators announced its sale, a move which will safeguard the jobs of all 850 staff.

The company, which called in administrator KPMG in November, has been sold to the Britannia Hotel Group, which owns the Adelphi hotel in Liverpool.

Alex Langsam, the owner of Britannia, said: "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."

All five Pontin's sites – at Brean Sands in Somerset, Camber Sands in Sussex, Pakefield in Suffolk, Prestatyn Sands in Denbyshire and Southport in Merseyside – have continued to run as normal while KPMG hunted for a buyer.

In November, KPMG said Pontin's had run out of cash because bookings had fallen drastically throughout 2010.

The company's slide into administration came as a surprise, as many UK holiday companies had benefited from more people taking holidays locally rather than abroad because of the weak pound.

Rob Croxen, the restructuring director at KPMG who led the sale, said: "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."