Newcastle-based holiday park operator Parkdean Holidays has entered a conditional agreement to acquire five sites from Bourne Leisure for £41.75m.

The deal will take Parkdean’s portfolio of holiday parks to 20 and increase its presence in Devon, Dorset, Scotland and South Wales while also providing its first site in the Norfolk area.

The deal is being funded with £28.94m in cash and two share issues, a vendor placing worth £12.81m and a placing worth £7.89m.

The five parks, which will be included in Parkdean’s 2005 brochure, are Cherry Tree Holiday Park near Great Yarmouth; Warmwell Holiday Park near Dorchester; Torquay Holiday Park; Pendine Sands Holiday Park in Carmarthenshire, South Wales and Wemyss Bay Holiday Park overlooking the Firth of Clyde, Scotland.

All five have a mix of leisure and retail facilities including indoor swimming pools and have planning consent to increase the number of pitches. Warmwell

Bourne has sold the sites – the smallest in its estate – as they do not fits its core business of large, branded sites, however, Parkdean’s chef executive, John Waterworth, said they fit his company’s portfolio perfectly.

“These parks are highly complementary to those we already run and will benefit from being part of the Parkdean portfolio and the closer focus we can bring,” he said.

He added that none of the sites require immediate refurbishment, but that through a process of gradual investment all sites will benefit from an increased number of pitches and the introduction of double-glazed caravans with central heating.

The Wemyss Bay park in Scotland also has planning permission for a nine-hole golf course.

Waterworth said the company is continuing to look for further acquisition possibilities.