Entrepreneur Mo Chaudry has released the reins of the Waterworld Group to a European leisure giant.
In a deal which is expected to be worth many tens of millions of pounds, Mo and his family all resigned as directors of Waterworld Leisure Limited and Waterworld Leisure Group Limited on 31 July.
In their place, Laurent Eugéne Jacques Bruloy, CEO of Looping Group, became executive chairman of both companies.
The big changeover happened just days before the tragic death of a four-year-old girl at Waterworld, which is being investigated by police, safety authorities and Stoke-on-Trent City Council.
M Investment Group, a family investment company founded by Mo, put out a statement confirming the sale this afternoon after being approached by Daily Focus.
It says that M Investment Group has increased its net worth to over £170 million after the sale of Waterworld Aqua Park to the Looping Group, which also owns Drayton Manor theme park near Tamworth.
Mo, chairman of M Investent Group, said: “Waterworld has been a huge part of my life and business journey and I am proud of everything we have achieved as a team. I am now handing over the baton to Looping, a world-class operator with the vision and expertise to take Waterworld even further ensuring the resort has an exciting future.”
Looping is a group of more than 20 regional leisure parks operating in eight countries and welcoming more than 6.5 million visitors per year. Other parks include West Midlands Safari Park.
According to M Investment Group, Looping has ‘confirmed its commitment to preserving Waterworld’s legacy while unlocking new opportunities for growth and innovation.’
Mo’s Waterworld empire started when he bought the failing water park from Rank Leisure inn 1999 for £1.5 million. According to his website “After a multi-million pound revamp, he turned it into a national attraction. Waterworld received almost half a million visitors a year – and continues to expand.”
M Investment Group owns businesses including fitness chain M Club Spa and Fitness and a majority stake in the fitness equipment manufacturer Pulse Global Limited.
Mo added: “It now allows us to focus squarely on our core strengths, expanding our gyms and wellness brands here in the UK and driving Pulse Group’s growth ambition.”
Daily Focus has also contacted Looping Group and Drayton Manor’s media team for comment.
Staffordshire Chambers Deputy Chief Executive Chris Plant said: “Mo Chaudry and Waterworld are household names in Staffordshire and the resort attracts hundreds of thousands of visitors each year from all over the UK.
“We were delighted to recognise Mo and his family’s success a few weeks ago as they won Sustainability and Environment Award and the title of Best Hospitality, Leisure and Tourism Business at the Staffordshire Chambers business awards.
“We wish Mo and his family all the very best for the future and look forward to working with Looping Group.”
