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Holidaybreak proposes £31m rights issue
Holidaybreak, the specialist travel operator, has announced plans to raise £31m through a new rights issue in order to fund the acquisition of new sites for its outdoor education holiday division, PGL.
PGL revealed that it is in talks to acquire a large outdoor education centre near London, which would add to the company's current portfolio of 27 centres across the UK and Europe but is subject to the completion of the proposed rights issues. The company is targeting former independent private schools and commercial conference centres as part of its expansion plans, due to a decline in public sector funding for local education authority sites strengthening the market for private education centres.
PGL has recently unveiled its new Windmill Hill centre near Hertsmonceux, East Sussex, which has benefited from a £4m revamp and boasts new activity bases, a heated outdoor swimming pool and a large sports hall. Carl Michel, Holidaybreak group chief executive, said: "There remains no sign of the group's education division being materially impacted by the recession. The board believes that there are investment opportunities for its education businesses with attractive return profiles, similar to the expected returns at Windmill Hill.
"The rights issue proceeds will be used to take advantage of such appropriate investment opportunities as they arise."
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