UPDATED: Job losses fear after Lake District holiday company taken over in £50 million deal (From The Westmorland Gazette)
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UPDATED: Job losses fear after Lake District holiday company taken over in £50 million deal
JOBS are feared at risk following the takeover of a South Lakeland holiday company in a deal worth nearly £50 million.
South Lakeland Parks, which has sites at White Cross Bay near Windermere, Fallbarrow Park in Bowness and Limefitt in the Troutbeck Valley, has been acquired by Park Resorts.
Staff in Cumbria which also manages its resorts in North Lancashire, have been told redundancies are possible and that the Natland HQ could now close.
South Lakeland Parks has changed hands several times in recent years but has around 20-30 staff at its HQ.
Just 12 months ago it was on the market for £70 million and in 2007 it sold for £125 million. One of its former owners is the local businessman and former sheep farmer, John Morphet, who owns the rival Pure Leisure Group.
In a statement, Park Resorts said: "Park Resorts and its new majority shareholder, Electra Partners, worked together to acquire South Lakeland in a deal worth almost £50m.
"The acquisition comes only two months after Electra Partners led the refinancing of Park Resorts which will provide significant further investment in the parks to improve facilities across existing holiday parks.
“The North West is a region of the UK synonymous with family holidays and an area, up until now, we had no stake in,” said David Boden, Park Resorts.
"South Lakeland’s nine parks are all high quality and will perfectly complement our existing portfolio. The parks are ideally located for owners and holiday makers to experience some of the most spectacular scenery the UK has to offer.”
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