by Tom Walsh
Park Resorts has announced the completion of a major refinancing deal designed to promote future growth.
The holiday caravan park operator, which has a host of sites dotted around the English, Scottish and Welsh coastlines, stated that it will reduce its senior debt from £353 million to £316 million and extend its maturity to December 2017.
It is also aiming to invest around £60 million in its various parks after signing a deal with Electra Partners which will see the company become a new shareholder.
Park Resorts said that the move will include David Boden becoming the new chief executive of the firm, replacing founder David Vaughan who has become the chairman after 12 years in his previous position.
Mr Vaughan said: “With new shareholders and new blood joining a very experienced management team, I am confident the next few years will be incredibly fruitful for all our staff, caravan owners and holiday customers.”
