A Ribble Valley luxury holiday home company has secured a multimillion pound partnership deal to fuel further expansion.
Park Leisure, owners and operators of the Ribble Valley Country and Leisure Park, Paythorne near Gisburn, has successfully negotiated a £103m deal with Midlothian Capital Partners.
It is anticipated the process will be complete by Easter 2017.
Andrew Bracey, of MCP and chairman-designate of Park Leisure, said: “We consider Park Leisure to be the outstanding operator in the space.
“We look forward to providing long-term support to the team to grow Park Leisure further.
“The business has an unparalleled reputation for giving its customers a luxury five-star experience and there is an exciting opportunity for future growth of the business across the UK. We are delighted to have been selected by Gary and Miles to invest in Park Leisure for the future. It has been a pleasure dealing with the management team and we wish Gary every success going forward.”
The news comes as after almost 20 dedicated years in the business, growing Park Leisure from one site to 10 luxury parks, CEO Gary Molloy will step down to explore new opportunities. Co-founder Miles Dewhurst will take the helm, supported by the existing management team and MCP.
Gary Molloy, CEO and co-founder of Park Leisure, said: “I’m delighted to know Park Leisure will not only be in the safe hands of Miles and his team, but will have the stewardship of MCP who knows this sector very well. I wish the team the very best for the future.”
Miles Dewhurst, CEO-designate of Park Leisure, said: “I’m excited for the opportunity ahead and know we have the right partners in MCP to deliver a great future for the business. They are providing the capital investment to secure the long-term growth of Park Leisure.”