29 RoyaleLife holiday resorts, property developments, and real estate firms have entered administration during the height of the summer vacation period, as exclusively reported by TheBusinessDesk.com.
This judicial move follows shortly after their umbrella organisation, Royale Parks, along with a select few resorts such as Billing Aquadrome and Cogenhoe Mill in Northamptonshire, also sought the appointment of administrators.
Out of the impacted locations, 15 are situated in the South West. Additionally, there are projects in the North West, East Midlands, South East, and East Anglia that have transitioned out of the company’s jurisdiction.
The RoyaleLife group is owned by billionaire Robert Bull
The RoyaleLife Group, under the ownership of billionaire Robert Bull, saw him positioned 88th on the Sunday Times Rich List this past May, boasting an estimated wealth nearing £2bn.
In the preceding month, Bull contended that the issued winding-up petitions were predicated on “erroneous allegations and baseless data.” He asserted that these were under legal scrutiny – a sentiment echoed today by a representative of the company.
Yet, a verdict from the High Court by Judge Barber, delivered on July 28, declined to dismiss a winding-up petition against Bull’s fully-owned property firm, Time GB Group.
Barber further expressed profound reservations regarding Bull, the erstwhile director of Time GB Group, James Williams, and solicitor Olivia Taylor-James from Pinder Reaux, concerning their testimonies.
She remarked, “Although not strictly essential for this application’s context, I feel compelled to note that, based on the evidence presented, the Petitioner [Time GB Group] seems to be in dire financial straits. The claims of financial stability presented in the affidavits of Mr Bull, Ms Taylor-James, and Mr Williams are lamentable.”
Separately, a contract violation lawsuit has been initiated by Bull, Time GB Group, and affiliated entities against Sines Parks Holdings, which sought to place several of Bull’s firms under administration.
The manoeuvres by Sines Parks seem to have swayed financiers, triggering a cascade of events leading to the current administrative appointments.
A RoyaleGroup representative commented, “All our locations remain operational as we engage in negotiations with our administrators, Grant Thornton and JCK Ltd. Presently, there are no anticipated staff reductions or job terminations.”
They echoed an earlier declaration, recognising the consortium’s “arduous journey post-pandemic” but maintained their stance of ongoing regular operations. They highlighted that RoyaleLife is actively constructing in 64 distinct residential bungalow communities, with an additional 40 in the pipeline.
Recently, Bull, serving as the consortium’s executive chairman, announced a business recapitalisation strategy, aiming to establish 1,000 bungalows nationwide, commencing later this annum. This vision was reaffirmed by the firm, notwithstanding the administrative status of 29 of its subsidiaries.
What sites have been impacted?
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.
With over three decades of experience in the business and turnaround sector, Steve Jones is one of the founders of Business Insolvency Helpline. With specialist knowledge of Insolvency, Liquidations, Administration, Pre-packs, CVA, MVL, Restructuring Advice and Company investment.