Holiday park operator Parkdean has returned to the stock market with a placing of 25.5m New Ordinary Shares designed to raise £28.8m.

The company was established in 1999 to buy and build a portfolio of holiday parks, and to date has acquired 12 across England, Wales and Scotland, with the most recent purchase, of Ruda Holiday Park in north Devon, being completed in March of this year.

So far, acquisitions have been funded primarily through borrowings and a 'relatively small capital base', but directors now believe this structure of capital and interest payments on borrowings are restricting the group's potential growth. Although Parkdean currently has no acquisitions under negotiation it claims that opportunities arise regularly and the placing will enable the group to take advantage of them.

£21.4m of the money raised will be used to reduce bank loans and other debts.

'This new phase of the company's development takes place against a background of further growth and consolidation within the domestic UK holiday market,' said chairman, Graham Wilson. 'Parkdean is now ideally placed to provide future shareholder value through organic growth and selective acquisitions.' Details: +44 (0)20 7457 2020