Thu, 06 Jan 2011 | BUSINESS SALE
It is clear that Pontin’s will shortly have a new owner as the administrators have received ten definite offers for the holiday business.
Pontin’s entered administration in November with a debt pile of £50 million. It is said the administrators KPMG had 62 bid interests to screen shortly afterwards.
Joint administrator, Rob Croxen, said that most of the parties who submitted offers were interested in retaining the business and marketing the brand.
Mr Croxen said, “We are confident of being able to conclude a sale in the near future.”
The ten best offers have come from a variety of leisure companies, private equity outfits and private investors. There were offers vastly above the asking price, Mr Croxen said, with all offers being 'about the same' with 'one or two slightly below and above.'
Issues to be taken into consideration will include value and ‘speed of completion’, Mr Croxen continued.
KPMG say 1,000 unsecured creditors, including electricians and builders, are owed a total of £36 million and are unlikely to be recompensed. Pontin's bank Santander is owed £44 million and is braced for a “significant” loss, the administrators added.
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