North East holiday park operator Parkdean Resorts has agreed a refinancing deal worth a reported £600m to fuel its growth plans.
Onex Corporation, the Canadian owners of the Gosforth business, has 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. Parkdean said that its agreement with Ares replaces its existing syndicated debt facilities with a single lender and that, with the support of its shareholder Onex Corporation, the group will accelerate its growth plans.
Steve Richards, chief executive officer, said: “We’re pleased to announce Parkdean Resorts’ successful refinancing, and are grateful for the long-term support we have received from our shareholder Onex and lender Ares, which is testament to the strength of our business and the broader outlook for the UK holiday park sector. The business performance is resilient, reflecting our good value self-catering proposition, and we look forward with confidence to a busy summer season, and the acceleration of our growth plans.”
