An Indian millionaire could buy Pontin's, the chain of holiday camps that collapsed into administration, securing 850 jobs, according to a newspaper report.
Bhanu Choudhrie and his family's investment vehicle C&C Alpha Group could team up with the Dubai Royal Family to buy the business for up to £15 million, according to the Mail on Sunday.
Mr Choudhrie told the newspaper he wants to keep the existing management team in place and expand the business. They are set to have discussions with administrator KPMG tomorrow.
The administrators are optimistic of finding a buyer and have pledged to keep running all five sites - in Brean Sands in Somerset, Camber Sands, Sussex, Pakefield, Suffolk, Prestatyn Sands in Wales and Southport, Merseyside.
The Indian entrepreneur said he had looked at the business six months ago when Pontin's chief executive Ian Smith was searching for potential investors.
When asked about the previous talks, Mr Choudhrie told the newspaper: "We walked away from the deal, even though we travelled to two sites and spent £100,000 on due diligence."
C&C Alpha Group has a vast portfolio of investments, ranging from award-winning spa hotels in India and Mauritius to a portfolio of hospitals and care homes in the UK.
Jane Moriarty, of administrator KPMG, today said she had received numerous expressions of interest from third parties, one of which could be an indirect representation from C&C Alpha Group.
A sale process was likely to take two or three months, she added.
KPMG plans to appoint a leisure operator this week to help them run the business and has pledged to honour all bookings. It catered for 5,000 guests this weekend and said it had only received one cancellation as a result of the company being taken into administration. None of the 850 staff have been made redundant.
The Sunday Times, Business, p2; Mail on Sunday, p73; The Observer, p12
