Administrators appointed to 29 companies in billionaire’s holiday park group
29 RoyaleLife holiday parks, developments and property companies have collapsed into administration at the peak of the summer holiday season, TheBusinessDesk.com can exclusively reveal.
The court action comes weeks after their parent company, Royale Parks, and a small number of resorts, including Billing Aquadrome and Cogenhoe Mill in Northamptonshire, also appointed administrators.
15 of the affected sites are in the South West, and there are also developments in the North West, East Midlands, South East and East Anglia that are no longer in the company’s control.
The RoyaleLife group is owned by billionaire Robert Bull, who was ranked 88th in the Sunday Times Rich List this May with a net worth of nearly £2bn.
Last month he claimed winding up orders were “based on false claims and unfounded information” and said they were the subject of legal action – a claim restated today by a company spokesperson.
However in a High Court judgement by Judge Barber handed down on July 28, she refused to strike out a winding-up petition filed against a property company Bull wholly owned, Time GB Group.
Barber also issued strong criticism of Bull, former Time GB Group director James Williams, and Pinder Reaux solicitor Olivia Taylor-James for their evidence.
She said: “Whilst strictly unnecessary for the purpose of this application, I would add that on the evidence before me, the Applicant [Time GB Group] appears to be hopelessly insolvent. The assertions as to solvency made in the witness statements of each of Mr Bull, Ms Taylor-James and Mr Williams are regrettable.”
There is also a separate breach of contract action by Bull, Time GB Group and related companies against Sines Parks Holdings, which applied to put some of Bull’s companies into administration.
The actions by Sines Parks appears to have influenced lenders and started a domino effect culminating in today’s administration appointments.
A spokesperson for RoyaleGroup said: “All sites are continuing to trade as normal as we work towards a deal with our administrators, Grant Thornton and JCK Ltd. At this current time, no staff or job cuts
are expected.”
They reiterated a previous statement acknowledging the group “had a challenging time emerging from the pandemic” but insisted it is still “business as usual”, and said RoyaleLife continues to build in 64 different residential bungalow communities with 40 more in planning and development.
Last month Bull, the group’s executive chairman, said a recapitalisation of the business was taking place with the aim of installing 1,000 bungalows across the UK, starting later this year. This was also restated by the company, despite the 29 group companies entering administration.
The affected sites are:
Cheshire:
Moore Lane, Warrington
Cornwall:
Budemeadows Country Park, Bude
Dolbeare Court, Saltash
Devon:
Oakleigh Court, Dolton
Regency Court, Newton Abbot
Regency Place, Newton Abbot
Dorset:
Christchurch Marina Park, Christchurch
Matchams Lane, Christchurch
Beacon Hill, Poole
Manor Farm Park, Poole
Matchams Leisure Park, Ringwood
Silver Mist, Ringwood
Dorset Heights, Wareham
Deers Court, Wimbourne
New Forest Court, Wimborne
Essex:
Dunton Park, Royal Dunton Court, nr Brentwood
Gloucestershire:
Montserrat Caravan Park, Stroud
Hampshire:
Frensham Country Park, Churt
Milford on Sea Park, Lymington
Wickham Court, North Boarhunt
Isle of Wight:
Fort Caravan Park, Sandown
IOW View, Sandown
Kent:
Reculver Court, Herne Bay
Waterways, Herne Bay
Norfolk:
Plum Tree Country Park, Thetford
Redhill Residential Park, Watton
Nottinghamshire:
Sherwood Court, Newark
Rutland:
Ranksborough Hall Estates, Oakham
The holding company for the group’s Hampshire head office property, North Boarhunt 1, has also fallen into administration today.
