Time GB (DR) Ltd (11877058): administration
- Status
- Administration ended
- Administration began
- 2023-08-09
- Administrators
- Benjamin John Wiles, Geoffrey Wayne Bouchier
- Administrators' firm
- Kroll
- Incorporated
- 2019-03-12
- Location
- London
- Industry
- 55300 Recreational vehicle parks, trailer parks and camping grounds
Why it went into administration
- Management failings / irregularities
- Parent or group failure
From the administrators' statement
The Group is a provider of park homes with a business model based on acquiring caravan parks and leisure-based assets generally, regularising planning consents and then developing and selling residential park homes for owner occupation. The portfolio is a mix of residential, holiday, and touring locations typically located on countryside and coastal sites across the UK at varying stages in the planning process.
The Group began defaulting on various of its loan obligations and, as a result, Kroll were engaged in February 2023 on behalf of certain lenders including the Secured Creditor and the Group, to review the short-term cash flow forecasts (at Group and portfolio level) and to advise on exit options and related contingency planning considerations. The Secured Creditor continued to support the Group during a period of forbearance on the loan repayments.
However, following the review of the Company’s financial position and certain irregularities, coming to light, the decision was taken by the Secured Creditor to enforce and place certain other entities within the Group into Administration on 3 July 2023.
Administrators' statement of proposals (2023-10-12) · Companies House register