Park Holidays UK has announced its planned acquisition of holiday parks group Bridge Leisure which operates nine holiday parks in the West Country, Peak District, Yorkshire and Scotland.

Contracts for the sale were recently exchanged and are now only subject to regulatory approval.

Park Holidays UK director Tony Clish said the coming together of the two well-established groups presented exciting new opportunities in one of tourism's most dynamic sectors: "Both companies have invested substantially in their parks over recent years, and created a range of high quality holiday products which people clearly enjoy," he said. "Whether customers are looking for holiday stays or to buy a holiday home, these parks have everything in place to deliver a first-class experience at an affordable cost. We will now be committing even more investment to ensuring that park facilities and services meet the highest possible standards, and in further upgrading accommodation and infrastructure. But it is important to both customers and staff that our investment plans are sensitive to the individual park identities and character, which each has established over the years."

Park Holidays UK was formed over 35 years ago, and its portfolio of coastal parks has been built up largely in southern England, from Devon in the west to Suffolk in the east.

Bridge Leisure was founded in 2008 and has grown through the acquisition and development of selected holiday parks.

Parks in both groups provide extensive leisure facilities and family entertainment, together with carefully managed landscaped grounds in which holiday lodges and caravans are located.

"Make no mistake, the quality bar is being raised ever higher all the time on Britain's holiday parks – and this union between our groups will accelerate the process even faster," said Tony.

"With our industry now poised to re-open, and holiday bookings and holiday home sales continuing to gather pace, everyone is feeling very upbeat at this announcement!"