Levergate Limited (12571177): administration
- Status
- In administration
- Administration began
- 2023-07-11
- Administrators
- Benjamin John Wiles, Geoffrey Wayne Bouchier
- Administrators' firm
- Kroll
- Incorporated
- 2020-04-24
- Location
- London
- Industry
- 55300 Recreational vehicle parks, trailer parks and camping grounds
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 development land 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, the Secured Creditor took the decision to enforce on their security and placed the Company into Administration, along with various other entities in the Group.
Administrators' statement of proposals (2023-09-23) · Companies House register