Luxury holiday homes and lodges firm sold out of administration
North Wales-based Cambrian Park and Leisure Homes Ltd has been sold out of administration.
Adminstrators Ben Woolrych and Lila Thomas at FRP Advisory have sold the company to Porthmadog company Cambrian and Sovereign Holding Group Ltd, a new company set up by the owners of Sovereign Park & Leisure Homes in Coventry.
The deal preserves the brand and protects the jobs of staff of the luxury holiday homes and lodges manufacturer.
FRP said revenues at the company have grown strongly over the past two years but the business had been operationally restructured in the second half of 2016 including a centralisation of manufacturing to its purpose-built unit in the town.
The transition was not as effective as envisaged which led to significant losses and cash-flow pressure despite a strong order book from its loyal customer base.
Working with advisors from FRP Advisory, the company started an accelerated sales process in early February which resulted in competing offers for the business and assets.
Shortly following their appointment on March 17 2017, the joint administrators immediately completed a sale of the business and assets.
The business will continue to operate from its main manufacturing site at Gelert House, Porthmadog, North Wales.
Ben Woolrych, joint administrator, and partner at FRP Advisory said: “We are delighted to have secured the future of the Cambrian business and brand, which is one of the leading manufacturers of luxury holiday lodges. This is a great result for the manufacturing sector in the area, the employees and the customer base ahead of the UK holiday season. We wish the management and staff all the very best for the future.”
Vincent McCullagh, managing director of Sovereign Park & Leisure Homes Ltd and now also Cambrian, said; “We are absolutely delighted with our acquisition which will give us a fantastic future in the lodge manufacturing sector, which was the next step we were looking to take following our success in the residential park home market. We are looking forward to continuing the strong Cambrian brand for a long time to come.”
The joint administrators were advised by Phil Farrelly at the Manchester office of Bermans and Cambrian and Sovereign Holding Group Ltd were advised by Alastair Frew of Lodders Solicitors in Stratford upon Avon.
