Tue, 17 Jul 2012 | ADMINISTRATION
Normandy Holiday Homes Ltd has been placed into administration after it failed to address a significant decline in sales.
The Hull-based static caravan manufacturer witnessed a 40 per cent drop in sales over the past year after supply chain disruption in 2011 added to what the administrators Begbies Traynor called “irreversible financial pressures”.
Andrew Mackenzie of the financial firm's Hull office commented: “Normandy Holiday Homes had built turnover to over £5 million in 2011, but reduced levels of overseas sales in Europe related to the eurozone crisis, and the failure of other caravan component manufacturers in the region coupled with supplier demands led to problems.
“In addition, slow payment by its UK holiday park and caravan retailer customers which have been unable to sell units this year due to the impact of the dreadful summer, was also a major factor in the failure.”
He added that Normandy Holiday Homes is being actively marketed for sale but noted that further redundancies are expected. So far 19 staff have lost their jobs and a further 25 are at risk.
However, the manufacturer remains a “strong brand within the market” and the administrators are confident that a trade buyer for the business and its assets will be found.
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