Rank holiday camps sale is approved
19 October 2000
Rank shareholders approved the group's proposal to sell its UK holidays division for up to £700m to caravan park operator Bourne Leisure at an extraordinary general meeting last week.
The sale, which includes Rank's three remaining Butlin's holiday camps, is expected to be completed tomorrow (20 October).
The resorts are in Minehead, Somerset; Skegness, Lincolnshire; and Bognor Regis, West Sussex (Caterer, 5 October, page 14).
Bourne will pay £650m now and up to £50m more depending on the performance of the resorts in the two years ending 31 December 2002.
