UK business tycoon Bhanu Choudhrie in bid for bankrupt UK holiday chain Pontin’s
15 Nov 2010
Indian millionaire Bhanu Choudhrie has teamed up with the Dubai royal family in a bid to rescue iconic British holiday company Pontin's, which has gone into administration.
The 32-year-old London-based entrepreneur, through his family's investment vehicle C&C Alpha Group, is contemplating buying the company, with a staff strength of 850, for up to £15 million.
In fact, the Alpha Group will hold discussions with Pontin's administrator KPMG in this regard today, it said.
"We want to keep the management team in place and expand the business," Choudhrie told the Daily Mail, adding he had looked at the business six months ago after Pontin's chief executive Ian Smith was searching for potential investors.
When asked about the previous talks, Delhi-born Choudhrie said, "We walked away from the deal, even though we travelled to two sites and spent £100,000 pounds on due diligence."
He said that Santander, which provided a 46-million-pound loan, pulled the plug on the business after talks with potential investors collapsed.
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