Alternative asset manager Blackstone and holiday home provider Bourne Leisure have sold iconic UK seaside resort company Butlin’s to a newly formed company backed by the Harris family.
Although no figures were mentioned by the parties, the deal is said to be worth £300 mln (€343 mln).
Founded in 1936 by Billy Butlin, Butlin’s operates operates three resorts in Minehead, Bognor Regis and the original site in Skegness which together attract over 1.5 million guests every year.
Lionel Assant, European head of private equity, Blackstone, said: ‘Staying true to our high-conviction investment approach, we believe we are well positioned to drive the continued success of both the Haven and Warner businesses. Proceeds from the Butlin’s sale will enable us to continue delivering our ambitious investment programmes across both brands, supporting upgrades to the existing estates and adding new sites to the portfolio, to the benefit of millions of customers.’
Paul Harris, on behalf of the Harris Family Trusts, said: ‘We are delighted to reaffirm our love for Butlin’s and once again be the new owners of this great brand. We look forward to working alongside the Butlin’s leadership team as they strive to deliver their strategic plan for the business and help them accelerate their investment plans to give our Butlin’s guests an even better holiday experience.’
Paul Flaum, group CEO of Bourne Leisure, added: “I am immensely proud of what Butlin’s has achieved over the past few years, continuing to deliver Billy Butlin’s vision of family fun. It has been a privilege to work with the Butlin’s management team and I would like to thank both the Bourne and Butlin’s teams for their commitment and contribution to this great British institution over so many years.”
Blackstone acquired Butlin’s from the founding Harris, Cook and Allen families in January 2021, while the families co-invested alongside Blackstone and together hold a minority stake.
The Harris family co-founded Bourne Leisure, the parent company of Butlin's, in the 1960s.
Bourne will continue to operate UK caravan operator Haven and Warner Leisure Hotels, the only UK hotel chain catering exclusively to adults.
