LS Somerset Limited (13616608): administration
- Status
- In administration
- Administration began
- 2023-07-11
- Administrators
- Benjamin John Wiles, Geoffrey Wayne Bouchier
- Administrators' firm
- Kroll
- Incorporated
- 2021-09-13
- Location
- London
- Industry
- 55209 Other holiday and other collective accommodation
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, reqgularising 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.
Whilst remaining under close review, concerns were increasing in relation to the Group’s deteriorating financial position, which resulted in the Secured Creditor deciding to enforce its security and taking necessary legal steps to place the Company into Administration.
Administrators' statement of proposals (2023-09-13) · Companies House register