Petchey Leisure Group has been acquired Magnum Global Holdings Singapore pte. ltd
Petchey Leisure administration responsibilities in Ilford in Essex are now being processed in Portugal but owners have not been informed of this.
Jack Petchey put his leisure empire on the block in 2009 for £80 million and said at the time that they were talking to two interested entities. Now we know which one got the deal. The sale likely comprises the brand, company and its income-producing assets, including nine timeshare resorts in Portugal, Spain, Tenerife and the UK. Petchey was expected to retain some of its undeveloped land.
Word is Petchy sold the business to raise money to capitalise on low UK property prices, both in the direct property and equities sector of the market. You could say that Petchey’s organisation is repositioning itself and they need the cash to do that.
How things will or will not change now as far as Petchey’s timeshare members are concerned remains to be seen.
Petchey are inviting members by letter on a promotional offer for £59.00 at Clube Praia de Oura in Portugal or Royal Park Albatross in Tenerife.
During your stay both partners will be required to attend a 60 minutes informal meeting with the membership department in order for them to give you a full update on the company.