UK domestic holiday specialist Parkdean Resorts is halting its proposed sale because of the current economic turbulence in the markets.
Speculation over the sale of the company, which is owned by Canada’s Onex Corporation, began late last year amidst growing interest in the staycation market.
Sky News, however, has now reported that talks are now off after an auction that lasted six months.
The decision to put the brakes on a sale is a clear indication of the jitters in the M&A market.
"The staycation market remains very buoyant, the business is trading strongly and is well positioned for growth, having invested £110m into the business over the past six months, expanding the trading footprint, acquiring new land to develop, upgrading accommodation, and enhancing park facilities,” a Parkdean spokesperson said in a statement released to Sky News.
"Given the current broader macro economic uncertainty, the board has decided to pause the process and will revisit when the macro economic backdrop has improved."