US private equity giant Blackstone is selling Butlin’s back to its former owner in a £300m deal
Butlin’s was taken over by its former owner just 19 months after it was taken over by US private equity giant Blackstone.
The Harris family bought the resort group, which has camps in Skegness, Minehead and Bognor Regis, for £300million.
The deal comes after the family last year sold Butlin’s parent company, Bourne Leisure, for £3billion to Blackstone.
The Harris family bought Butlin seaside resorts, which have camps in Skegness, Minehead and Bognor Regis (pictured), for £300m
Bourne, which was founded by billionaire entrepreneur Peter Harris in the 1960s, also operates the Haven and Warner Leisure holiday businesses, which will remain in Blackstone’s hands.
Butlin’s was founded in 1936 by Billy Butlin. At its peak it operated from nine locations across the UK, entertaining a million people each year with glamorous grandma competitions.
Bourne Leisure bought the business in 2000. Blackstone’s European head of private equity, Lionel Assant, said the investment group would reinvest the proceeds from the sale in Bourne.
The deal comes as an economic downturn and the cost of living crisis hit families’ finances, which could drive more people to Butlin.
But the Harris family will not own Butlin’s property assets as they were sold to pension manager Universities Superannuation Scheme for £300million in July.
Private equity groups are increasingly keen to invest in the UK holiday market.
In June last year, CVC Capital Partners bought Away Resorts for £250m, followed by Aria Resorts in August.