Pontins chairman Graham Parr
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Pontin's chief pledges 'holidays will be honoured'

Holiday camp company Pontin's has been placed into administration.

The firm's chairman, Graham Parr, said the business was profitable but had been a victim of the credit crunch and had gone into administration because its bank had withdrawn its support.

Pontin's runs five parks, all of which will keep trading as normal and no redundancies have been made among Pontin's 850 staff.

Go to next video: Pontin's guests 'will get their holidays'