Park Resorts is pleased to announce that Alan Parker CBE has been appointed Non-executive Chairman of Park Resorts with immediate effect.
Mr Parker brings with him a wealth of experience in the leisure industry including a twenty year career at Whitbread plc latterly as Chief Executive. During his tenure, he was responsible for a considerable increase in shareholder value and created the UK's largest hospitality company by expanding the Premier Inn and Costa Coffee brands. He is currently a Non-executive Director of Burger King Worldwide, President of the British Hospitality Association, and Chairman of both Darty PLC and Mothercare plc.
Mr Parker replaces David Vaughan who retires through ill health from the business he founded in 2001.
Park Resorts is the UK's largest holiday parks operator by number of sites with 48 properties across England, Scotland and Wales. Electra Partners' total investment in the holiday parks sector is over £100 million. This includes Park Resorts and two businesses which the company manages: South Lakeland Parks; and Southview and Manor Park.
Alex Fortescue, Chief Investment Partner at Electra Partners, said:
"I am delighted Alan has joined Park Resorts as Non-executive Chairman. His credentials in the leisure sector are second to none having transformed FTSE 100 listed Whitbread plc. His knowledge and experience of the leisure sector will be invaluable to Park Resorts as it continues its growth."
David Boden, CEO of Park Resorts, said:
"I would like to thank David Vaughan for the huge contribution to the business he founded 13 years ago. His commitment and enthusiasm has created the UK's largest holiday park operator in just over a decade which is a fantastic achievement. I wish him all the best."
Alan Parker, Non-executive Chairman of Park Resorts, said:
"I am very pleased to be joining the Park Resorts team at an exciting time for the company. I look forward to meeting the staff, caravan owners and holiday customers and playing my part in adding value to this successful business."
Electra Partners refers to Electra Partners LLP acting on behalf of its client Electra Private Equity PLC.
For further information please contact:
For Alex Fortescue / Alan Parker:
Andrew Honnor and Matthieu Roussellier, Greenbrook Communications
+44 (0)20 7952 2000
Andrew Kenny and Nicholas Board, Electra Partners
+44 (0)20 7306 3932
Note to Editors:
About Electra Partners LLP
Electra Partners is an independent private equity fund manager with over 25 years' experience in the mid-market buyout sector. During the last 25 years it has invested in excess of £4.1 billion in over 200 deals. As at 31 March 2014, the firm had funds under management of over £1.5 billion including capital available for investment of circa £300 million.
Electra Partners' flexible investment strategy allows it to invest broadly across the private equity market with a particular focus on Buyouts and Co-investments, Secondaries and Debt. In addition to this, its long-term capital base means it is not constrained by expiring investment periods or exit pressure driven by fund raising cycles and is therefore able to realise investments only when returns are maximised for its investors.
The firm's major client is Electra Private Equity PLC ("Electra"), a private equity investment trust which has been listed on the London Stock Exchange since 1976. Electra's long-term investment performance has been consistently superior to private equity and other benchmarks. Over the ten years to 31 March 2014, Electra has seen diluted NAV per share growth of 260% (equivalent to a ten-year annualised return on equity of 14%) compared to a 129% increase in the FTSE All-Share.
For further information please visit www.electrapartners.com.
Electra Partners LLP is authorised and regulated by the Financial Conduct Authority.