Holiday parks set to be sold out of administration

Two Northampton holiday parks which have been placed into administration are up for sale.

Billing Aquadrome Limited, owned by the RoyaleLife Group, runs the Billing Aquadrome and Cogenhoe Mill resorts in Northamptonshire. As we exclusively revealed on July 6, the firm went into administration – leaving the future of the holiday parks up in the air.

Now, joint administrators Daniel Smith and Oliver Haunch of Grant Thornton have written to residents at the holiday parks, says the Northampton Chronicle.

It says: “The administrators will launch a sale of the parks, however how a sale campaign will be conducted is not yet decided.

“These are income-generating caravan parks with exciting approvals for development of additional sites.

“The sales team will continue to seek interest for the sale of caravans and the joint administrators, with the support of the secured creditors, are considering an applicable sales plan to generate additional interest and growth for the parks.”

The news comes after a host of creditors of the RoyaleLife Group have contacted TheBusinessDesk.com claiming to have had no contact from the company. The latest firm in touch with us said they were “very concerned”.

Since Billing Aquadrome Limited was placed into administration, the RoyaleLife Group has appointed administrators for a host of its other companies. The overall picture remains unclear, but in light of the leverage and liquidity challenges faced by the wider group, the secured creditor of RoyaleLife said it was left with “no choice” but to appoint administrators in order to “secure the long-term future of the sites and facilitate ongoing investment from the companies’ lenders”. This appointment follows similar action taken by Intermediate Capital Group to place other companies (Royale Parks Limited, Time GB Properties Ltd and Waterside Country Park Limited) that form part of the Royale Life Group into administration.

Haunch said: “I can confirm that the resorts will continue to trade on a ‘business as usual’ basis. The appointment will enable these successful and cash generative sites to benefit from further investment to enhance the existing facilities and expand the service offering in the short and medium term. I will be working closely with the Companies’ lenders to secure the long-term future of the parks under new ownership.”