Holidaybreak : Cheshire travel group Holidaybreak secures new finance deal

Northwich-based travel group Holidaybreak has completed a £245m refinancing with a six party syndicate comprising Lloyds Bank Commercial Banking, Santander UK plc, Barclays, HSBC, RBS, and M&G Investment.Lloyds Bank's support is provided by Jonny Beckwith and Glenn Bemment from the Merseyside Mid-Markets team, who worked alongside Neil Price and Rob McCann of the bank's North-West based Acquisition Finance team.It follows the sale of one of Holidaybreak's subsidiaries, Eurocamp, to Homair Vacances in a £89.2m deal in June this year.Holidaybreak, founded in 1973 and acquired by Cox & Kings in 2011, is made up of four divisions with a portfolio of around 17 brands, including PGL, Bookit and Explore!. The new banking arrangement supports organic growth through ongoing investment in three of the group's key brands: PGL, Meininger and Superbreak.PGL, the UK's leading provider of school trips and children's activity centres, has planned expansion at its various sites including opening of new centres in UK and Australia. Bespoke hotel fleet Meininger, which operates leased sites in main European cities, is expanding bed numbers in the next two years.Superbreak, an established provider of short breaks and excursion trips to the UK and Europe, is seeking to grow market share by investment in IT.Having recently announced turnover of over £400m for the financial year 2013/14, the company expects and expects healthy growth in sales over the next few years.Peter Kerkar, Director of Cox & Kings and CEO of Holidaybreak, said "The significant improvement to the terms of our borrowings reflects the market leading positions and strength of Holidaybreak's Education and Leisure Travel businesses."Our strategic plan is on track and we remain excited about the opportunities for these businesses."Navneet Bali, Group Finance Director of Holidaybreak Limited, said: "We are delighted by the continuing support from Holidaybreak's relationship banks, to have further diversified our lending pool through the new loan from M&G Investments and to have committed five and six year loan facilities in place."Jonny Beckwith, Relationship Director at Lloyds Bank Commercial Banking, said: "Lloyds Bank have supported Holidaybreak for the last 12 years and it is a pleasure to be providing investment for their next stage of growth."Given the strength of the group's brands, such as PGL, and the experienced, capable management, we feel certain that Holidaybreak are on track for even greater success."