Former Matalan finance director Ian Smith has taken over as chief executive of British leisure company Pontin's after he and three others bought the business for £46m.

It's Smith's first CEO role and he's hired a “fairly young” FD to look after the finances. “It will be very interesting to have them mature into that role as I mature into the role of CEO,” Smith says.

“I think that hiring someone who’s not set in their ways is right for a business like Pontin’s. It’s fast moving, there are young people there and I think someone that wants to learn is better than someone who’s seen it all, bought the T-shirt and the video, and thrown away the book.”

The other new owners are Graham Parr (a former CEO of Pontin's), Clarke Osborne and John Parr. The group intends to revitalise the Pontin’s brand and Smith is confident plans to consolidate and grow the business will be successful.

“The market certainly seems quite buoyant,” he says. “Easter was very good and future bookings are good.

“A lot of people are looking at air travel and thinking that they shouldn’t be flying as often as they do. I also think that people recognise money’s going to get tighter. They may still take holidays but they may not be able to afford to go to Europe any more, particularly because the euro is so strong.”

Smith oversaw Matalan’s stock market flotation in 1998 then left the retailer in 2002. During the past six years, he has held a couple of non-executive director positions but has also been “enjoying a bit of time for me and wife”.

He says: “I’m looking forward to this new position. It’s going to be interesting, particularly as it’s a different industry.”

The business, comprising seven holiday village sites around the UK, has been acquired with the assistance of finance from Abbey UK corporate banking.

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Tags: matalan, finance director, ian smith, fd, pontins, british leisure company, chief executive, ceo, graham parr, clarke osborne, john parr, acquisition, ma, management team,

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