Center Parcs: Who owns Center Parcs and who is the CEO? Holiday company up for sale
Center Parcs has been put up for sale by its owner, the Canadian private equity firm Brookfield.
The company aims to raise between £4 bn and £5 bn from the sale, according to the Financial Times.
This is nearly double what it was first bought for, eight years ago in 2015, when the business cost £2.4 bn.
Center Parcs runs six holiday villages in the UK and Ireland, which attract more than two million visitors every year.
If the sale is successful, it would be one of the largest property deals of the year so far.
In September last year, the company was inundated with complaints and jokes online after it said that its five UK parks would close for 24 hours on Monday, September 19, for the Queen’s funeral.
The decision-making process at Center Parcs was questioned by thousands.
Here’s a look at who owns the company.
Who owns Center Parcs in the UK?
Center Parcs is owned by the Canadian private equity firm Brookfield.
The UK and Ireland operations are separately owned by Center Parcs in Europe which also trades under the brand.
The European business is still owned by Blackstone Group which sold the UK part of the business to Brookfield in 2015.
Who is the CEO of Center Parcs?
In the UK, Center Parcs is headed by CEO Colin McKinlay. He only took the role in February last year, replacing Martin Dalby, who was at the helm for 22 years beforehand.
Before becoming CEO, Mr McKinlay served as their chief financial officer, a role he still holds until the appropriate replacement can be found.
What do we know about the sale of the company?
At the end of 2022, Center Parcs reported occupancy rates of 97.3 per cent, in line with pre-Covid levels.
The company booked revenue of £426.6m between April and December 2022, up 20 per cent on 2021, and an 18 per cent increase from the 2019 pre-pandemic year.
According to the Financial Times, Brookfield appointed investment bankers to investigate potential buyers, including different private equity firms.
Danni Hewson, head of financial analysis at AJ Bell, reported that demand for Center Parcs holidays remains.
It is thought the reason for selling is due to concern over the cost-of-living crisis, with rising mortgage costs and the tough economic climate prompting questions regarding the future growth of the company.