Apollo Global Management, Inc. (NYSE:APO) is plotting a £2 billion takeover of Parkdean Resorts Limited as it seeks a slice of Britain's staycations boom. Sky News has learnt that Apollo is among the bidders picked by Parkdean's owners to progress to the next phase of a sale process. City sources said on April 12, 2022 that Bourne Leisure Group, the owner of Butlin's and Haven Holidays, had been eliminated from the auction in recent days.

The auction, which is being handled by Morgan Stanley (NYSE:MS), comes amid a blizzard of deals in the sector. It was unclear on Tuesday which other parties had been shortlisted to buy Parkdean, although CVC is understood not to have tabled an offer. If Apollo does buy the company, it would unite the New York-based investment giant with Steve Richards, Parkdean's Chief Executive Officer.

Mr. Richards previously ran Casual Dining Group, the owner of Bella Italia and Cafe Rouge, during its ownership by Apollo. Both Apollo and Parkdean declined to comment.