THE three most senior executives at the Park Resorts holiday company are stepping down less than six months after the business was acquired in a £440m management buyout.

David Vaughan, chief executive, Robert Sewell, finance director, and Alan Castledine, operations director, are handing over control to a new management team that is being led by Martin Grant, who was previously chief executive of Road-chef, the operator of motorway service stations.

The three outgoing executives have been with the business since founding it together by buying 12 holiday parks from Bourne Leisure in 2001.

GI Partners, the private-equity house that backed the buyout last March, said the departures were entirely amicable. The three outgoing bosses will retain a stake worth £12m.

Brad Altberger, a managing director at GI, insisted that it was always the intention to replace Vaughan and his team. “GI Partners and the existing management team always envisioned a transition to a new management team during GI Partners’ hold period,” he said.

However, the timing of the departures will surprise some observers, coming soon after the deal was completed.

Park Resorts is one of Britain’s largest operators of caravan parks, with some 35 sites across the country. It is thought to be working on a number of small-scale acquisitions to expand its operations.

Grant has already begun working at the group and will be joined there by his former Road-chef colleagues Colin Bramall and Richard Hunt.

Altberger said: “The business is being handed over in good order and is on track to have its best year ever.”

Vaughan said: “Robert, Alan and I will be fully supportive to assure that there is an orderly transition to Martin and his team.”

GI bought the company in March from rival buyout firm ABN Amro Capital. ABN had itself acquired the business from Close Brothers Private Equity.

The caravan-park sector has proved popular with private-equity investors. Alchemy Partners backed the public-to-private buyout of Parkdean and recently expanded the business through the acquisition of rival operator Weststar Holidays.

GI Partners has a strong interest in Britain’s leisure sector. Its other investments include Orchid Pubs, a company that was formed to buy an estate of nearly 300 pubs from Punch Taverns.

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