Holidaybreak have acquired UK schools adventure operator PGL in a deal expected to be worth £100 million. The acquisition is worth £50 million, as well as Holidaybreak taking on £50 million of PGL debt. PGL had revenues of £50.6 Million in the year to February 22 with EBITDA of £8.4 million.
Holidaybreak is the European specialist holiday company a presence in the UK and other major European markets.
PGL, the market leader in residential, outdoor education and adventure for UK schools organises trips for over 250,000 children each year. PGL operates 26 activity centres located across the UK, France and Spain. The value of PGL’s property is estimated at around £93 million. PGL's CEO Martin Davies will become managing director of the new Holidaybreak education division.
A statement from Holidaybreak said: “The acquisition of PGL is an excellent opportunity and consistent with our strategy of growth through the acquisition of market leading businesses. PGL will become our fourth strategic operating division, providing us with a profitable, growing business in the attractive outdoor education and adventure sector. I am pleased to welcome PGL into our Group.”
The deal was unveiled soon after Holidaybreak announced half year pre-tax losses of £7.9 million for the six months ending March 31 against a £6.9 million deficit for the same period the previous year. Revenue was up from £88.7 million to £100.6 million. The losses are said to be “broadly in line” with management forecasts.
