Park Resorts has secured an 11th-hour reprieve after its lenders agreed to restructure the terms of a £325m ($517m) debt facility to the caravan park operator.

In a deal that Park said would give it the breathing space needed to turn the business around, a syndicate of creditors, including Bank of Scotland, has agreed to reset the covenants on its debt and provide a new £25m facility to upgrade the group’s 37 caravan parks.