Sat, 19 Jan 2019 | ADMINISTRATION
An Essex-based company which operates eight luxury lodge parks throughout the South of England has fallen into administration.
Professional services firm Deloitte have been called in to handle the administration process for Walsham Chalet Park Limited, which trades under the name Dream Lodge Group. Restructuring partners Richard Hawes and Rob Harding have been appointed as joint administrators.
The partners cited “immediate funding constraints and seasonality of the business”, as well as a “period of financial pressure” as the reasons for the business entering administration.
Despite this, the administrators have said that the lodges will continue their services whilst a potential sale is being explored.
Hawes said: “[Although] it is no longer possible to continue to operate the business in its existing format […] whilst a sale is explored, all lodge parks will remain operational.”
The Group manages the Lazy Otter Meadows in Ely, Blosson Hill Park in Devon, Woodlands Park in East Sussex as well as The Sanctuary in Berkshire. It attracted the interest of investors with promises of personal use of the lodges, and either a fixed rental income or a profit after three years of operation.
It realised its declining financial situation in October 2018, when auditors from KPMG were invited to find new investment or a buyer for the business.
As a result of the administration, the Dream Lodge Group has told its investors that they will receive a “guaranteed return” on their investment, after costing them millions of pounds due to its collapse.
Potential buyers are invited to express their interest immediately.
Click here to view the Walsham Chalet Park Ltd administration listing for full details.
For more news stories about administrations click here. For all our administrations listings, click here.
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