Eurocamp owner secures funds
8:56am Tuesday 13th May 2008
EUROCAMP owner Holidaybreak plc, which is based in Hartford, has secured a £275 million funding package, which it says will enable it to continue it's acquisitions programme.
Holidaybreak, of Hartford Manor, was given the funding by a banking syndicate led by Barclays Commercial Bank, and The Royal Bank of Scotland (RBS).
The five year agreement enables Holidaybreak to refinance its existing banking facilities and also ensures the group has the necessary capital in place should they wish to make any future acquisitions.
Holidaybreak was established in 1973 and has developed into one of Europe's leading holiday groups.
The group's four divisions each specialise in a particular sector of the market, consisting of hotel breaks, adventure travel, camping and educational holidays such as PGL and NST, which were acquired last year.
Carl Michel, group chief executive of Holidaybreak, said: "In order to build upon the group's success during the last few years, it was essential to have the necessary funding in place and we are happy this has now been arranged.
"These facilities will allow us to continue with our long term strategy to grow the group organically and by acquisition."