Park Resorts

Park Resorts Limited
Private Limited Company
Industry Holiday / Caravan Parks
Successor Parkdean Resorts
Founded 8 March 2001 (2001-03-08)
Founder DF Vaughan, A Castledine, RJ Sewell
Headquarters Hemel Hempstead (administrative head office);
London (group registered office)
Number of locations
 48 Caravan Parks in UK
Key people
 Alan Parker
David Boden
Alan Castledine
Nigel Brewster (directors)
Products Caravan Parks
Caravan Sales
On site retail services
Revenue Increase£169.25m (2014) [1]
Increase£21.31m (2014) [1]
Profit Decrease-£5.02m (2014) [1]
Owner Electra Partners, GI Partners Fund II LLP (USA) via Dome Finance Sarl
Number of employees
 1960 [1]
Parent Dome Holdings Ltd
Subsidiaries Park Resorts Transport Ltd
Website www.park-resorts.com

Park Resorts is a holiday park operator, with 48 Holiday Parks located across the UK, with 48 parks spanning 2,500 acres providing 25,500 holiday home and tourer pitches.[2] Parks are mainly located at or near to the seaside, chiefly on the south and east coasts of England, but also extending to Scotland, Wales and the Isle of Wight; as well as in the English Lake District following the acquisition of South Lakeland Parks. Income is generated from rentals of static holiday caravans and touring pitches, caravan and holiday home sales, and on site retail activities.

Park Resorts was created in March 2001 when CBPE (Close Brothers Private Equity), in partnership with a management buy-out team of three led by David Vaughan, purchased twelve Haven freehold caravan parks from Bourne Leisure Ltd. The deal was finalised in May 2001 at a reported cost of £46m.[3]

Park Resorts currently employs over 3,500 people during the peak holiday season including the support team at their administrative office in Hemel Hempstead, Hertfordshire. Park Resorts currently has over 16,000 caravan or holiday home owners and over 1 million holidaymakers visit their parks each year.

History

In December 2004 Park Resorts was sold to ABN AMRO Capital for £165 million, and its activities were merged with the GB Holiday Parks business (itself bought by ABN Amro for £105m just one month previously) to form the second-largest caravan park operator. The name 'Park Resorts' was retained as the company name and brand title.[4] In March 2007, the business was acquired in a highly leveraged buy-out backed by GI Partners for £440m. In the same year, the three founding directors left the business and Martin Grant joined from Roadchef as Chief Executive[5] and a further three sites were acquired this year, with a number of GB Holiday Parks sites upgraded as well. In April 2008, GI injected £15m capital into the Parks Resorts business.[6] In December 2008, in increasingly difficult trading conditions, GI reinstated the original three directors, with David Vaughan resuming as chief executive.[7] Since then the financial position has improved.[8]

During the 2009 season Andy Edge, the Marketing Director at Park Resorts, went 'undercover' at Breydon Water, Great Yarmouth and Lower Hyde, Isle of Wight as part of the Channel 4 television series The Undercover Boss.[9] In an interview after the show Mr Edge told how the show has generated a very positive response from both customers and staff.

In September 2009, Martin Grant, the former chief executive and his colleagues Colin Bramhall and Richard Hunt, won a case of unfair dismissal against GI Partners on the grounds of a "flagrant breach of dismissal procedures" and were awarded £45,000 in compensation.[10]

In October 2009 a restructuring of the group's £325m debt facilities was agreed with the main creditor banks which also included a new £25m senior debt facility to allow a five-year investment programme to proceed.[11]

Two further parks were brought under the operation and branding of the group as from the 2010 season, the Bryanston Kenmore sites at Southview, Skegness and at Manor Park, Hunstanton, bringing the total to 39.

The director's report for the year ended 31 March 2011 details a 6% increase in turnover for the year to £158.8m and an operating loss of £9.6m but forecasts the company should return to profit in future years. In the meantime the company is dependent on the parent, Dome Holdings Ltd, to keep it a going concern.[12]

In 2011 the company introduced the strapline, Creating Amazing Memories, to appear below the logo of Park Resorts on all publicity material, letterheads and signages. During the week of 9 May 2011, the ITV programme This Morning featured Park Resorts to show "the real caravan experience to viewers". This also marked the 10th anniversary of the company.

In October 2011 Park Resorts was ranked 244 (2010 = 215) in the annual Sunday Times HSBC Top Track 250 league table based on Britain's biggest mid-market private companies by latest sales.[13]

In February 2012 Park Resorts was ranked 49 in The Sunday Times Deloitte Buyout Track 100 league table based on Britain's mid-market private-equity-backed companies with the fastest-growing profits over the last two years.[14] (note: profits used by Fast Track for this ranking are based on the parent, Dome Holdings Ltd)

In July 2013 Park Resorts secured new lead shareholders, Electra Partners, and appointed a new CEO. The company also refinanced its debt package, freeing up significant capital to invest in its parks over the next four years. David Vaughan became Park Resorts’ chairman, following 12 years as founder and CEO, and David Boden joined the company as CEO, having held senior board level positions at Rank Group Plc and Hippodrome Casinos Ltd.

In September 2013, the Park Resorts management team and Electra Partners led the acquisition of South Lakeland Parks, a holiday parks operator with 9 parks in the English Lake District and Morecambe Bay area. Park Resorts entered into a contract to manage South Lakelands parks at the time of the transaction. Operating together, the two businesses created the largest holiday parks operator in the UK with 48 properties.

In July 2014, Electra Partners acquired Southview and Manor Park holiday parks in partnership with Park Resorts, which will continue to manage both parks, having done so since 2010.

In April 2015, Park Resorts acquired Summerfields Holiday Park near Great Yarmouth and in May 2015, Alan Parker CBE was appointed Chairman of the Group.

In 2015 Parkdean and Park Resorts merged to create 'Parkdean Resorts'.[15] Parkdean Resorts will operate 72 holiday parks, serve 1.8 million customers, have 22,200 caravan owners, 35,400 pitches and sell 400,000 domestic holidays across their estate. The business will operate from two head offices in Newcastle and Hemel Hempstead and will continue to operate under two brands "Parkdean" and "Park Resorts" during 2016. The merger created the largest holiday park operator in the UK.

Holiday Parks

Park Resorts offer holiday accommodation, holiday or seasonal touring pitches or holiday home ownership. Static caravans for holiday let are available at 44 Parks, and for ownership at 46 Parks. Touring and/or camping pitches are available at 24 of the Parks. Chalets and holiday lodges are also available for hire and to buy at selected Parks. Most Parks are open from around 21 March to 31 October, and slightly longer for their owners.

The following sites are currently operated under the Park Resorts business,[16]

Devon

Isle of Wight

Kent & Sussex

Essex

East Anglia & Lincolnshire

Yorkshire

North East England

Scotland

Wales

North West and Lake District

( ‡ denotes parks not offering camping and/or touring facilities)

Former parks

References

  1. 1 2 3 4
  2. ↑ "Dome Holdings Limited Annual Report and Consolidated Financial Statements 31 December 2014".
  3. ↑ "Daily Telegraph, 14 May 2001".
  4. ↑ Daily Telegraph, 24 December 2004
  5. ↑ "Sunday Times, 2 November 2008".
  6. ↑ Daily Telegraph, 20 April 2008
  7. ↑ Daily Telegraph, 18 December 2008
  8. ↑ AltAssets, 7 October 2009
  9. ↑ http://blog.managers.org.uk/post/Undercover-at-Park-Resorts-0913.aspx
  10. ↑ The Times, 8 September 2009
  11. ↑ Daily Telegraph, 7 October 2009
  12. ↑ Park Resorts Ltd, Directors' Report and Financial Statements, 31 March 2011
  13. ↑ The Sunday Times, Top Track 250 supplement. 16 October 2011. Missing or empty |title= (help);
  14. ↑ The Sunday Times, Buyout Track 100 supplement. 5 February 2012. Missing or empty |title= (help);
  15. ↑ "Park Resorts in £1bn merger with Parkdean". The Independent. Retrieved 2016-04-19.
  16. ↑ Park Resorts, 2011 holiday brochure

External links

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