North East holiday park operator Parkdean Resorts announced a finance deal worth a reported £600m.
Onex Corporation, the Canadian owners of the Gosforth business, ploughed the extra equity into the firm, and Parkdean has agreed a refinancing of its senior debt with funds managed by Ares Management’s European Direct Lending. The deal comes 10 months after the firm’s owners shelved plans for a potential £1.6bn sale of the staycation specialist, amid concerns for the UK economy.
The holiday park operator – which employs around 750 people at its Gosforth head office and operates parks in the region including Church Point at Newbiggin-by-the-Sea, Cresswell Towers at Druridge Bay, Sandy Bay in Ashington, Crimdon Dene near Hartlepool, and Whitley Bay– ended talks with potential new owners nine months after launching a sale process, hoping to cash in on the post-pandemic boom in UK staycations.
