FOLLOWING approval from both the Financial Conduct Authority and the Competition and Markets Authority the merger between Parkdean and Park Resorts has formally completed.
The enlarged business is an outstanding strategic fit with highly complementary estates and revenue mixes. It has real scale and strong growth prospects in the UK domestic holiday sector. It will lead the sector as the largest nationwide holiday park operator in the UK.
It will operate 73 holiday parks, serve 1.8 million customers, have 22,200 caravan owners, 35,400 pitches and sell 400,000 domestic holidays per year across their estate. Financially it will generate EBITDA of over £100 million and have an enterprise value of c. £960 million.
The enlarged business will span all points of the UK compass: from Scotland to the South Coast and from Norfolk to Cornwall and will be the first ever truly national business. Parkdean has strength in the South West including the UK’s largest park, Trecco Bay in South Wales and also in Scotland whilst Park Resorts has locations on the East Coast, the Northwest including the Lake District and market leadership on the Isle of Wight.
Parkdean Resorts will be chaired by Alan Parker, CBE formerly Chairman of Park Resorts and John Waterworth, formerly Parkdean Chief Executive, has been appointed to manage the Company.
The business will operate from two major offices in Newcastle and Hemel Hempstead and will continue to operate as two distinct brands “Parkdean” and “Park Resorts” during 2016.
John Waterworth, Chief Executive of Parkdean Resorts said: “This deal brings together many of the talented people in the holiday park industry in a nationwide business. We have the opportunity to set the standard across the UK providing fantastic holidays for millions of people. We will continue to invest in and grow our parks across the country to provide excellent value to an ever expanding number of people who enjoy holidaying in the UK.”