Finance company at centre of collapsed caravan park empire placed into administration
The finance company at the centre of a collapsed holiday park empire has been placed into administration.
As reported on TheBusinessDesk.com the Royale Park group collapsed into administration with debts of more than £300m.
The group, which was owned by billionaire businessman Robert Bull, had sites across the UK including 15 in the South West.
The sites specialised in luxury accommodation for people aged over 45.
A complex web of businesses has started to emerge and a separate investigation has been launched into the way the Royale Park business was operated.
Administrators were appointed in the summer to the Royale Park group which operated 29 caravan sites across the UK.
All of the sites are currently up for sale and are being marketed by Christie and Co.
And in the latest development it has emerged partners from Resolve have been appointed administrators at Time GB Group Limited.
ReSolve partners Cameron Gunn, Lee Manning and Simon Jagger have been appointed as joint administrators.
Time GB was a vital part of RoyaleLife, much of which has now become insolvent following a number of economic and corporate challenges.
Things came to a head at the caravan park business when the Covid pandemic saw a sharp drop in the supply of new mobile homes.
A statement from Resolve said: “Prior to the insolvencies, RoyaleLife was a large provider of caravans and bungalows across more than 60 developments throughout the UK. Time GB is the finance centre for the group, handling payments and transfers.
“This is likely to be a complex project due to the many connected entities in the RoyaleLife group and the nature of Time GB’s relationships with them and other stakeholders.”
ReSolve was appointed by a High Court judge.
Cameron Gunn, senior partner at ReSolve, commented: “This is a complex project, involving as it does a group of companies comprising approximately 200 entities, of which Time GB is critical.
“There are a number of creditors and insolvency proceedings which are currently ongoing in respect of it and other group entities, for which we are in the process of gathering information.
“At ReSolve we have an excellent track record of handling challenging corporate situations with speed and sensitivity. Our focus now is on working hard to find the best possible outcome for Time GB and its stakeholders.”
Creditors include Sines Parks Holdings Limited, Sun Assignment Ii Llc, Glas Trust Corporation Limited, Jdi Asset Finance Limited and Icg-Longbow Investment.
Of the 29 parks which were owned by Royale Life 15 are in the South West.
There are also parks in the North West, East Midlands, South East, and East Anglia.
In July Bull claimed winding up orders against his business were “based on false claims and unfounded information” and said they were the subject of legal action.
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.
The affected sites are:
Moore Lane, Warrington
Budemeadows Country Park, Bude
Dolbeare Court, Saltash
Oakleigh Court, Dolton
Regency Court, Newton Abbot
Regency Place, Newton Abbot
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
Dunton Park, Royal Dunton Court, nr Brentwood
Montserrat Caravan Park, Stroud
Frensham Country Park, Churt
Milford on Sea Park, Lymington
Wickham Court, North Boarhunt
Isle of Wight:
Fort Caravan Park, Sandown
IOW View, Sandown
Reculver Court, Herne Bay
Waterways, Herne Bay
Plum Tree Country Park, Thetford
Redhill Residential Park, Watton
Sherwood Court, Newark
Ranksborough Hall Estates, Oakham