Regal Holiday Homes Limited (06942267): administration
- Status
- Administration ended
- Administration began
- 2020-08-11
- Administrators
- Sandra Lillian Mundy, Thomas Charles Russell
- Administrators' firm
- FRP Advisory
- Incorporated
- 2009-06-24
- Location
- Southampton
- Industry
- 29201 Manufacture of bodies (coachwork) for motor vehicles (except caravans)
Why it went into administration
- COVID-19
- Competition / price pressure
- Parent or group failure
From the administrators' statement
The Company was incorporated on 24 June 2009 and operated as a manufacturer of static caravans for the holiday sector. It employed 87 people and it operated from its factory based at Sandford Farm, Sandford Lane, Wareham, Dorset BH20 4DY.
The market in which the Company operates is highly competitive and has a few large dominant players. The industry norm appears to have been to extend ever more generous credit terms to customers (12 month’s credit is not uncommon) as well as heavy discounting / price pressures. The Company did not have the required working capital to be able to effectively compete. The Covid 19 pandemic with a prolonged period of shutdown exacerbated an already parlous position and resulted in the administration of the Company.
We received the referral from Simon White, James Cowper Kreston CF Limited, who had been requested to assist the Company in finding a buyer for the business, but it soon became apparent the Company was insolvent and that it was appropriate for the Company to speak with insolvency practitioners. James Cowper Kreston CF Limited have not and will not submit an invoice to the Company. A referral fee has not and will not be paid to Simon White or James Cowper Kreston CF Limited. Having undertaken our conflict review checks we have concluded that the relationship with Simon White and James Cowper Kreston CF Limited has not created a conflict of interest in us accepting an appointment to act as administrators and that there are no other apparent conflicts of interest.
Administrators' statement of proposals (2020-10-16) · Companies House register