Holiday park giant Parkdean lines up £250m Centerbridge funding

Britain's biggest vacation parks relation is lining up an American concern steadfast to supply hundreds of millions of pounds of backing firepower arsenic it eyes opportunities to consolidate the market.

Sky News has learnt that Centerbridge Partners, which has much than $50bn successful assets nether management, is successful talks to inject astir £250m into Parkdean Resorts.

The funding, which would beryllium provided arsenic debt, has yet to beryllium finalised, with sources adjacent to Parkdean saying connected Friday that different parties remained funny successful starring the deal.

Money blog: UK airdrome ranked worst for 4th twelvemonth successful a row

Parkdean operates 65 sites crossed the UK, and during the summertime highest trading play employs astir 8,000 people.

The institution has been owned by Canada's Onex Corporation since 2016, though determination person been persistent questions astir however overmuch of the £1.35bn acquisition terms it tin expect to recoup.

Industry sources judge that is simply a peculiarly pertinent contented amid increasing fiscal pressures connected British consumers.

Onex has besides ploughed further backing into Parkdean since the archetypal deal, notably successful the aftermath of the pandemic.

Sources said that if successfully concluded, Centerbridge would articulation Parkdean's superior operation alongside Ares Management Corporation, its existing elder lender.

The caller financing would beryllium utilized to fortify Parkdean's equilibrium sheet, and supply headroom to money maturation by upgrading immoderate of its existing parks.

Consolidation of the marketplace done acquisitions, fixed the fragmented quality of the sector's ownership, is besides said to beryllium connected the company's agenda.

A spokesperson for the institution said: "Parkdean Resorts is moving a process to fortify the equilibrium sheet, and to supply firepower for continued maturation and assemblage consolidation.

"We've had grounds trading implicit the summertime peak, with 98% occupancy, and maturation successful some gross and [earnings]."

The capital-raising process is being tally by bankers astatine Rothschild.

Parkdean is tally by Steve Richards, the seasoned leisure manufacture executive.

Centerbridge declined to comment.