Holiday company Pontin’s has gone into administration.
Administrator KPMG was appointed to Pontin’s today and said the company, which has a site in Camber Sands, had run out of cash because bookings had fallen drastically in the past year.
Pontin’s, famous for its blue coats, employs 850 staff at its five sites across the country.
However it will continue to cater for customers as normal and no redundancies have been made.
KPMG said it was optimistic of finding a buyer and hoped the Pontin’s name would live on.
Joint administrator Jane Moriarty said: “It has unfortunately struggled in the current economic environment but, with some support from new management, we are optimistic that it will be part of thousands of family memories in the years to come.
“From day one, we will be actively running Pontin’s to ensure that our guests’ holiday expectations are met.”
Pontin’s was started when Fred Pontin opened the first Pontin’s Holiday Park in Brean Sands in 1946.
At one point, the Pontin’s empire stretched to 30 parks and in 1978 it was bought by Coral for £56 million, according to its website.
The company was bought by Ocean Parks for £46 million in 2008, who closed a site in Blackpool last year.
Its website claims: “We have been offering outstanding value for money for over 60 years.
“But there is one thing that will never change at Pontin’s: our promise to offer memorable, fun-filled family holidays for outstanding value for money.”
KPMG has set up a helpline for people who have made bookings at Pontin’s: 0844 576 8481.
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