According to the accountancy firm KPMG, Pontin's, the holiday camp firm has gone into the administration sector.

Five parks are headed by the company, and all of them will continue to have their normal trading. Moreover, no redundancies whatsoever have been done with Pontin’s staff of 850.

Back in the month of February in 2009, a declaration had been made by Pontin about a plan worth £50m for redeveloping its centers and producing 2,000 jobs. However it had to ultimately shut down Blackpool Park, in Lancashire.

Meanwhile, KPMG is still optimistic about the future of the iconic British brand.

According to Pontin's chairman Graham Parr, their trade had been gaining but it had fallen victim to the credit crunch and thus went into the administration sector due to the withdrawal of support by its bank.

He added that their business was strong, and was going quite well, having 3,000 holidaymakers with them this weekend.

However, the bank said that it is unprepared to support their credit facilities further. Parr finds this very annoying and called it the most non-sensual business he had ever been in.

The company has seemingly suffered a very competitive market place, especially from operators like Butlins and Havens.