Parkdean Resorts sold for £1.35bn

The UK's largest holiday park operator, Parkdean Resorts has been sold by Epiris to Toronto-based Onex Corporation for £1.35bn.

Onex plans to invest equity of around £600m into the newly acquired company, which Parkdean Resorts said would help its expansion.

The Canadian firm said it admired Parkdean Resorts' loyal customer base and would help grow its UK holiday offering through organic growth and acquisition.

Parkdean Resorts, which offers accommodation such as camping pitches, chalets and apartments across the country, has undergone a turnaround after a £70m investment from Epiris in 2012 helped with a restructure and debt reduction.

The business now turns a profit of £100m from its 73 holiday parks, which are located across the UK. This summer the company posted an 11% increase in holiday bookings and last year had underlying earnings of £120m.