Blackstone and Bourne Leisure have announced they have agreed to the sale of Butlin’s to a newly formed company backed by the Harris family. The Harris family was one of the original founders of Bourne Leisure in the 1960s. 

Butlin’s was founded in 1936 by Billy Butlin and today it operates three resorts (in Minehead, Bognor Regis and Skegness) which together attract over 1.5 million guests every year.  Reports in the Financial Times and other outlets suggest the deal to be worth i.r.o. £300m. 

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.”

You can read the full press release here.