Lifestyle Homes N. Ireland Limited (07926566): administration
- Status
- Administration ended
- Administration began
- 2024-09-04
- Administrators
- Brian Murphy, Michael Paul Jennings
- Administrators' firm
- BDO
- Formerly
- Lifestyle Living Park Homes Limited
- Incorporated
- 2012-01-27
- Location
- London
- Industry
- 55300 Recreational vehicle parks, trailer parks and camping grounds
Why it went into administration
- HMRC / tax arrears
- Parent or group failure
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The Company is part of the Group, one of 5 companies placed in Administration on 4th September 2024.
The Group has significant borrowings with HSBC UK Bank plc (‘HSBC’ or the ‘Bank’) secured by way of a debenture and composite guarantee dated 10 April 2019 over all fixed and floating assets across the Group. The Group is also indebted to RS Lender Iv, S.A.R.L (‘RoundShield’), who holds second ranking fixed and floating charge security under an inter-creditor agreement with HSBC.
Prior to the appointment, due to poor trading performance and a lack of working capital funding, the Group was unable to service its capital or interest repayments. Despite an extended period of negotiation with the borrower, no resolution was reached with the Bank.
Administrators' statement of proposals (2024-11-05) · Companies House register