Platinum Equity has hired Goldman Sachs and Morgan Stanley to oversee a review of options for one of Europe's biggest holiday rental groups, Sky News learns.
Are low interest rates gone forever? How much will tax cuts save me? Has this economic strategy worked elsewhere? Could this bankrupt UK? Your questions answeredA sale process would come during a frenzied period for travel industry deals as strategic and financial investors bet on continued growth in demand for staycations among Britons.This week, Blackstone sealed a sale, revealed by Sky News, of Butlin's, the holiday camps chain, to one of its parent company's founding families.
During the last year, Park Holidays has been bought by Sun Communities of the US for nearly £1bn, while CVC Capital Partners snapped up rival Away Resorts.The faltering economy has, nevertheless, put the brakes on other deals. In June, Parkdean Resorts called off talks with prospective buyers after an auction lasting more than six months.
The decision by Parkdean and Onex Corporation, its Canadian owner, provided one of the first signals that anxiety about a UK recession and its implications for consumer spending was feeding through into corporate transactions. Inflation data and the cost-of-living crisis are forcing many boards to reconsider spending and growth plans.
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