Fri, 15 Mar 2024 | BUSINESS SALE
Two companies that are part of a group of caravan and motorhome retailers have been sold out of administration. Golden Castle Caravans Ltd and Robinsons Caravans Ltd are part of the wider Robinsons Caravans group, which operates dealerships across the Midlands and South West.
Ryan Grant and Chris Pole from Interpath Advisory were appointed as joint administrators to Golden Castle Caravans and Robinsons Caravans on March 11 and March 14, respectively.
Golden Castle Caravans, based in Twigworth, Gloucester, and Robinsons Caravans, which operates from sites in Derbyshire and Nottinghamshire, both sell new and used caravans and motorhomes.
According to administrators, certain companies within the Robinsons Caravans group have historically traded profitably, but others have seen lower than expected sales volumes as a result of the cost-of-living crisis and the impact it has had on disposable incomes.
This put significant financial pressure on the wider group, which administrators said had recently become “increasingly unsustainable”. The directors sought to undertake a review of the group’s investment, refinance and sale options, ultimately moving to appoint administrators when a solvent solution could not be found.
Immediately following their appointment at Golden Castle Caravans Ltd, the joint administrators secured a sale to Gloucestershire Leisure Ltd, a connected party by virtue of one of the directors, in a deal that saw 17 members of staff transfer to the buyer.
Separately, following their appointment at Robinsons Caravans Ltd, the joint administrators secured the sale of certain of its business and assets to Storebon Holdings Ltd, part of the Couplands Caravans group. This deal saw nine staff members from the Worksop site transfer to the buyer, but the company’s Chesterfield site was not included and will close with immediate effect, leading to 16 redundancies.
Interpath Advisory Managing Director and joint administrator Ryan Grant commented: "These have been testing times for many businesses across the leisure sector as a result of high cost inflation and fragile consumer confidence.”
"We are pleased to have secured these two transactions which safeguard the future of Golden Castle Caravans and the Robinsons Caravans operations in Worksop."
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