KPMG has announced that it has reached an agreement with the Britannia Hotel Group to sell holiday park operator Pontin's as a going concern.

Jane Moriarty, David Costley-Wood and Rob Croxen were appointed joint administrators of Pontin's in November last year after the business encountered financial difficulties. Britannia will now take over Pontin's five holiday parks - Prestatyn Sands in North Wales; Brean Sands, Somerset; Pakefield, Suffolk; Southport; and Camber Sands, West Sussex.

The sale of the business will also help to safeguard 850 jobs and it is hoped that Pontin's long-term future will now be secure. Britannia's Alex Langsam said: "Our plans will take shape without delay as we look towards developing a bright future whilst retaining the best traditions of the past.

"Pontin's will remain a national treasure, to be enjoyed by generations to come." Croxen added: "We are really pleased that Britannia, a leisure operator with a proven track record, has clinched the winning bid, ensuring Pontin's lives on as a destination for holidaymakers."