A £103 MILLION deal has seen the co-founder of York-based holiday group Park Leisure sell his majority share in the company he started in a spare bedroom 19 years ago.

Investors Midlothian Capital Partners and management partner Miles Dewhurst have acquired the £55million turnover firm from co-founder and chief executive Gary Molloy.

The deal is due to be completed in the first half of the year and will see Mr Molloy leave the business to “pursue other avenues”, while co-founder Mr Dewhurst will become chief executive, supported by the existing management team, as well as MCP, who take an approximate 80 per cent holding.

Founded 19 years ago, Poppleton-headquartered Park Leisure has grown its portfolio to ten holiday home parks across the UK with 350 staff.

Andrew Bracey of MCP and chairman-designate of Park Leisure, said: “We have looked at a number of opportunities in the holiday park sector and we consider Park Leisure to be the outstanding operator in the space with the finest customer offer and leading customer satisfaction.

“The parks and teams in place are of the highest quality and we look forward to providing long-term support to Miles and his management team to grow Park Leisure further with us.

“There is an exciting opportunity for future growth of business across the UK.

“We are delighted to have been selected by Gary and Miles to invest in Park Leisure for the future”

Mr Molloy said he is “delighted” Park Leisure will be in the “safe hands” of Mr Dewhurst, adding: “After 19 dedicated years I have decided to take a back seat and exit the business over this coming season.

“The company started from an office in one of the bedrooms in my house and has steadily grown ever since.

“Now with 10 parks across the UK and a continued focus on quality, we have built a unique offering for our holiday home owners.

“MCP have been a fantastic partner throughout this process. They have been supportive and diligent, whilst considerate, timely and measured. I have very much enjoyed working with Andrew and the team, and wish them as well as Miles and the team the very best for the future.”

Mr Dewhurst said: “As we turn the page on a new chapter with Park Leisure, I’m excited for the opportunity ahead and know that we have the right partners in MCP to deliver a great future for the business.

“They are providing the capital investment to secure the long-term growth and future of Park Leisure and are committed to further investing in the development of our parks and continuing to further our service and standards.

“They embrace our principle of ‘excellence as standard’ and we are all thrilled to be working together.”

Mr Bracey will be joined on the board of Park Leisure by the other founders of Midlothian Capital Partners, Aidan Clegg and and Neil Currie.

The management team of Park Leisure consists of Phill Burton, James Gourlay, Jo Cowl and Olly Gardner.