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.
The wholesale business has an established trading history and has built up a strong reputation and a loyal customer base. Business is drawn from a wide demographic of clients with a good spread across different business sectors.
This is a unique opportunity to acquire a company specialising in luxury performance cycle clothing, utilising the finest specialist fabrics and cutting-edge construction techniques.
A leading internet-based provider of customisable and curated beauty box services. Over the last decade, the business has evolved from a premier subscription service to a leading internet-based provider of highly attractive and rapidly expanding beau...
WEB-BASED
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.