Park Resorts, the UK caravan park operator, today announced that it had acquired Valley Farm, an 800-pitch holiday park based in Clacton-on-Sea, for £7m.

Close Brother Private Equity (“CBPE”) is an 80% shareholder in Park Resorts, a company formed in May 2001 via the acquisition of 13 caravan parks from Bourne Leisure.

Park Resorts has outperformed its business plan since the time of CBPE’s original investment and is on budget for EBITDA in excess of £11.0m for 2003. Funding for the acquisition came from Bank of Scotland who also provided further funds for the development of new pitches on Park Resorts’ existing 13 sites.


CBPE Partner Sean Dinnen, a non-executive director on the Company board, said: “Park Resorts is a strong business with excellent management. We remain committed to our strategy of developing the potential for new pitches in the existing parks and acquiring additional caravan parks of appropriate quality.”


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Enquiries

Sean Dinnen – Close Brothers Private Equity
Tel: 020 7426 4000
Adrian King/Barnaby Fry – Flagship Consulting
Tel: 020 7886 8458/8459

This press release has been issued by Close Brothers Private Equity Limited. Close Brothers Private Equity Limited is regulated by the FSA.