Caledonia Investments Plc has acquired a majority stake in Park Holidays UK which owns and operates 21 freehold and two leasehold holiday parks in the South of England, including five major parks in Devon.
The transaction values Park Holidays UK at £172 million, and the company will now benefit from a £10m acquisition and capital expenditure fund which has been put in place to assist future expansion.
Park Holidays UK has been run by its current management team since 2006 when the business was acquired from its founders through a management buy-in backed by private equity firm Graphite Capital.
Since then, Park Holidays UK has grown to become Britain's fourth largest operator of caravan holiday parks.
The change of ownership will allow Park Holidays UK to strengthen the business through internal investment, and to grow its portfolio of parks through careful acquisition within the UK.
Park Holidays UK's five parks in Devon are major providers of holiday accommodation in the county, and the company says that they will continue to flourish under the ownership of Caledonia.
They are Dawlish Sands Holiday Park in Dawlish Warren; Golden Sands Holiday Park in Dawlish; Landscove Holiday Park and Riviera Bay Holiday Park in Brixham, and Waterside Holiday Park in Paignton.
The parks together provide over 1100 holiday homes, and according to independent economic research, generate over £17 million of visitor spending each year.
The vast majority of this expenditure is fed straight into the local economy, benefiting the many small business which are reliant on tourism income, and supporting the jobs which they sustain.
It looks as though some investment, improvements will be made to the parks i would imagine this can only be good for Dawlish whats disgusting about that.
Its disgusting certain people are here to complain
just seems Taylorjack is back to his illiterate offensive self
If he does not like it here he should go back home.
By pressing the agree button on wonderings post am i possibly being racist.