Park Resorts seeks acquisitions following success in past few years

by Justine Iorga
Park resorts is seeking acquisitions after achieving great success
Domestic holiday operator Park Resorts is seeking acquisitions across the country as they invest approximately £20 million a year in improving and developing their 49 existing sites.
The release of the company’s 2014 results shows a 28 per cent jump in underlying earnings. rising from £45.3 million to £57.9 million, whilst revenues grew by 7.5 per cent to £230 million as the company handled more than one million holidaymakers throughout last year. Park Resorts said these figures were boosted through acquisitions over the past two years and by adding 2,000 extra pitches at its existing parks. Although Resorts’ biggest revenue gain is the rent obtained by the 16,700 caravan and lodge owners, followed by sales of caravans, holiday sales and retail, food and drink and other ancillary sales.
Park Resorts commented in a statement, saying: “These results clearly demonstrate that the financial restructuring, which was successfully completed in August 2013, has delivered the anticipated financial benefits and been a major catalyst for growth.”
Electra Partners, an independent private equity fund manager, has also helped the acquisition by teaming up with Park Resorts approximately two years ago. Since the partnership, Electra has backed two acquisitions worth about £45 million each at South Lakeland Parks, adding nine additional venues, as well as Eastern Parks, adding two much larger venues in Skegness and Hunstanton, Norfolk.
With growth looking so positive for Park Resorts and investments going well this can only mean good things. Chief executive David Boden commented on the future of the company, saying: “We will continue to innovate and upgrade our offer, ever striving to create amazing memories for owners and holidaymakers alike. Bookings are strong for 2015 and we look forward to another year of good progress.”
For more information on all of Park Resorts sites, click here.