MIDLOTHIAN Capital Partners has bought the Parks Leisure holiday park firm with a consortium of investors.

The investment business, which despite its name and other Scottish branding operates from London and Connecticut, said the deal values Park Leisure at £103 million.

It has made the investment eight months after acquiring the Dobbies Garden Centres business from Tesco, with Hattington Capital, for £217m.

The deal points to continued strong investor interest in UK holiday businesses, amid predictions the fallout from the Brexit vote will boost the appeal of staycations.

The fall in the value of the pound has made overseas holidays more expensive.

Midlothian Capital’s Andrew Bracey said it had looked at a number of opportunities in the holiday park sector. It reckons there is an exciting opportunity to grow Park Leisure across the UK.

In December a Canadian private equity firm, Onex, bought the Parkdean caravan holiday park business for £1.35bn.

Park Leisure has 10 sites in England and Wales and £58 million turnover.

The investors led by Midlothian Capital have joined with the Park Leisure management team to buy out Gary Molloy, who co-founded the business 19 years ago. Co-founder Miles Dewhurst has become chief executive.

Midlothian Capital is run by three partners who have worked in sectors ranging from retail to investment banking.Mr Bracey was chief financial officer of the Ocado online retail business and has worked for UBS.