KPMG has announced that holiday company Pontin’s has been bought by Britannia Hotel Group, saving 850 jobs.
The company, which runs holiday parks, was placed into administration in November last year.
Pontin’s stated that it remained profitable, saying it had suffered from the impact of the credit crunch and then struggled when its bank withdrew support.
Britannia Hotel Group operates 36 hotels around the UK.
Alex Langsam of Britannia 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 added the firm’s success had been in part to “adopt neglected properties and make the necessary 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.”
The sale to Britannia as a going concern was a “fantastic result”, said Rob Croxen, restructuring director and joint administrator at KPMG.
He added that wealthy individuals, private equity houses, property developers and trade buyers had all expressed an interest.