Holidaybreak to buy bust public schools for camps

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Schools in the private sector have been hard hit by the economic downturn as cash-strapped parents can no longer afford the fees. Many are set to close or have already thrown in the towel.

Holidaybreak, which owns the PGL children's holiday brand, reckons that, with their large grounds and extensive buildings, some schools would make excellent new camps.

It has just bought a former tennis training centre in Sussex's Windmill Hill to turn it into a large camp and is on the verge of buying another site for London schoolchildren.

Bankrupt conference centres are another rich seam of potentially suitable bargains.

Today Holidaybreak said it would raise a net of £31 million to buy new sites to add to its education division.

PGL and school trips operator NST have both proved unaffected by the recession, the company said.

Stockbroker KBC Peel Hunt is issuing 21.7 million new shares and running a four-for-nine rights issue at 153p a share — a near 40% discount to Holidaybreak's share price yesterday. Investors will vote on the plan on 3 July.