Holiday park chain sold for £950m
A £950million deal for one of Britain’s largest holiday park groups has finally been completed – six months after originally being agreed.
Park Holidays, which is based in East Sussex, operates sites in Whitstable, Leysdown, Birchington, New Romney and Dymchurch as part of more than 40 nationwide.
It offers holiday accommodation as well as the chance to buy holiday homes on the sites.
The takeover deal by US real estate investment trust Sun Communities, first agreed in November, has now been completed after it was given the seal of approval by the Financial Conduct Authority.
The deal was seen by the US firm as a move to cash in on the surge in UK holidays following the travel uncertainties caused by the pandemic.
Park Holidays UK director Tony Clish said: “The domestic holiday market continues to gain traction in the post-Brexit and post-pandemic environment, and we are seeing an ever-increasing demand for UK holidays.
“This partnership with Sun will bolster our ability to acquire new parks and to continue driving up quality standards by making additional investment in our existing parks.
“In the run-up to this acquisition, it has become very apparent that the teams at Sun and Park Holidays UK are very much of one mind regarding the future.
“We both recognise that quality and value are the main drivers of holiday bookings and holiday home sales, and are determined that this will remain our prime competitive edge.”
John McLaren, Sun’s president and chief operating officer, added: “We are excited to welcome the Park Holidays’ team members, holiday homeowners and guests to the Sun family, marking another important milestone in our growth and evolution.”
Sun is already one of the largest owners and operators of manufactured housing, recreational vehicle and marina properties.
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