HOLIDAY CAMP FINANCE
BAHAMAS PROJECT (Special Correspondent N.Z.P.A.) (Rec. 8.10 p.m.) LONDON, Sept. 18. The British holiday camp magnate, Mr “Billy” Butlin, has offered to provide £ 1,000,000 worth of personal securities to back the appeal by his subsidiary company, Butlins (Bahamas) Ltd., for £BOO,OOO additional share capital. The money is needed to complete the luxury “vacation village” which Butlins are building on Grand Bahama Island. The original cost of erecting this camp was estimated to be just over £1.000.000. t . When this was found to be insufficient the ordinary shareholders of Butlins contributed another £390,000, but this also was not enough. Finally Mr Butlin and Brigadier K. Thorburn, chairman of the Butlins Bahamas Company, went to the United States to try to raise the money, but apparently without success. Butlins parent company has now been notified that a winding-up petition has been lodged against its Bahamas subsidiary.
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Press, Volume LXXXVI, Issue 26221, 19 September 1950, Page 7
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147HOLIDAY CAMP FINANCE Press, Volume LXXXVI, Issue 26221, 19 September 1950, Page 7
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