The private equity owner of one of Britain’s largest holiday and caravan park operators, has had to inject millions of pounds of new money into the business. Sunday Telegraph
Buyout firm GI Partners has pumped £15m into Park Resorts, which operates parks in well-known seaside locations, including Camber Sands, Withernsea Sands and Whitley Bay.
The move comes as several other private equity firms also look to placate their lenders by putting more equity into their portfolio companies.
Banking sources said GI Partners, which last year paid £440m for Park Resorts, used an unusually large amount of debt to fund its original acquisition.
As a result, there has been speculation that Park Resorts may be in financial difficulty. But sources close to the situation said the company had not breached any banking covenants.