A US-listed real estate investment trust has won a hotly contested auction of one of Britain’s biggest holiday resort operators in a knockout deal that underlines the sector’s post-pandemic boom.
Sky News has learnt that Sun Communities has agreed to pay in the region of £900m for Park Holidays, which owns more than 30 sites in counties such as Devon, Kent and Sussex.
The deal is expected to be announced on Monday.
Sun Communities, which has a market value of $22.3bn (£16.6bn), is said to have been a late entrant into the sale process.
Its winning bid for Park Holidays saw off competition from rivals including the Universities Superannuation Scheme, one of Britain’s biggest pension funds, and Starwood Capital, the prominent real estate investor.
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The sale of Park Holidays comes several months after Intermediate Capital Group (ICG), the company’s owner, hired Royal Bank of Canada and HSBC to oversee an auction of the company.
The industry has seen booming sales from staycationers in the last year as Britons have snubbed onerous overseas travel restrictions in order to holiday at home.
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Park Holidays is the biggest operator of its type in the south of England, with 33 parks under its ownership, including at Dawlish in Devon, Felixstowe in Suffolk and Birchington in Kent.
It offers caravan and lodge holidays, touring and camping, and holiday home ownership.
In recent weeks, the Canadian owner of Parkdean Resorts, a bigger rival to Park Holidays by number of sites, has instructed bankers at Morgan Stanley to prepare a review of options for the company.
Other recent deals in the sector have included CVC Capital Partners buying Away Resorts – the owner of well-known holiday parks such as Whitecliff Bay on the Isle of Wight and Sandy Balls in the New Forest.
CVC subsequently combined Away Resorts with Aria, another operator.
Meanwhile, Bourne Leisure, the owner of Butlin’s and Haven, was sold in February to Blackstone, another major buyout firm, for about £3bn.
In an update on Wednesday, a spokesperson said: “Since we became aware of the cyber incident, we have been working around the clock, alongside third-party cybersecurity specialists, to restart our global applications in a controlled and safe manner.
“As a result of our ongoing investigation, we now believe that some data has been affected and we are informing the relevant regulators. Our forensic investigation continues at pace and we will contact anyone as appropriate if we find that their data has been impacted.”
It was not yet clear exactly what data had been accessed.
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“We are very sorry for the continued disruption this incident is causing and we will continue to update as the investigation progresses,” the person concluded.
The incident is hurting not only output at JLR but wider internal systems and harming its supply chain.
JLR says partner retail operations, including service and sales, are not affected.
It is aiming to brief MPs whose constituencies contain production sites at a meeting on Friday.
Hacking group Scattered Spider claimed responsibility for the attack soon after it was made public.
The co-founders of the Ben & Jerry’s ice cream brand are demanding the brand be given its independence back amid a long-running row with its current UK owner.
Ben Cohen and Jerry Greenfield have written an open letter demanding that it be “released” from its parent firm.
Mr Cohen told Sky News he would give back the money he received in the sale of the business to Unilever in 2000 if it meant the brand could be independent.
Ben & Jerry’s is set to spin off all its ice cream brands under The Magnum Ice Cream Company (TMICC) name in a deal set to be fully completed before the end of the year.
“You’re saying, would I give it back? Absolutely. If we could still have Ben and Jerry’s independent, any day”, he said.
“It seems like the board of Magnum has been Trumpified”, Mr Cohen told Sky News as he protested the “silencing” of Ben & Jerry’s social mission.
The consumer goods firm Unilever has never enjoyed an easy relationship with Ben & Jerry’s – a brand known for its activism on many political and social issues.
As part of the original merger deal, an independent board was set up to protect the ice cream brand’s mission.
But a series of disputes have followed.
The most high-profile spat came in 2021 when the US brand took the decision not to sell ice cream in Israeli-occupied Palestinian territories on the grounds that sales would be “inconsistent” with its values.
The independent board is currently locked in a legal dispute with Unilever, claiming in March that its then-chief executive David Stever was improperly sacked.
Image: Ben Cohen. File pic: AP
For its part, Unilever has always argued that it “reserved primary responsibility for financial and operational decisions” as owners of Ben & Jerry’s.
In another example of the frostiness between them, an ice cream flavour launched in support of Democrat presidential candidate Kamala Harris went down badly in London.
Ben & Jerry’s claimed Unilever had demanded it stop public criticism of Donald Trump.
Image: Mr Cohen was one of seven people arrested during the Senate protest in May
Ben Cohen himself was arrested earlier this year over a protest in support of Gaza during a US Senate hearing.
He and Mr Greenfield intervened in the ownership row as TMICC briefed investors on their plans at a so-called capital markets day. They say the independent board and many consumers and employees “no longer support the trajectory on which it is set”.
Mr Cohen, who is attending the event to protest, said: “Ben & Jerry’s was founded on a simple but radical premise: that our business could thrive and make outstanding products whilst standing up for progressive values.
“We fought to ensure our social justice mission was protected by Unilever when the company was acquired, but over the past several years, this has been eroded, and the company’s voice has been muted.
“We won’t be silent anymore. Authenticity has always been at the very heart of what we do, and stripping this away risks destroying the very value of Ben & Jerry’s. We urge the board and potential investors to rethink the inclusion of Ben & Jerry’s in Magnum’s future makeup and establish a Free Ben & Jerry’s.”
The new ice cream division, which will also comprise other brands such as Wall’s, is based in the Netherlands and will have a primary stock market listing in Amsterdam.
A spokesperson for The Magnum Ice Cream Company told Sky News: “Ben & Jerry’s is a proud part of The Magnum Ice Cream Company and is not for sale.
“We remain committed to Ben & Jerry’s unique three-part mission – product, economic and social – and look forward to building on its success as an iconic, much-loved business.”
Direct debits and standing orders are working normally, and customers can still use cards online and in shops, withdraw money from cash machines and receive payments.
Initially, Nationwide said some customers were unable to access the app or internet banking and told users to try again later.
At 2.44pm 1,900 users reported issues with Nationwide services on the Downdetector website.
This breaking news story is being updated and more details will be published shortly.