Fri, 29 Mar 2024 | BUSINESS SALE
Administrators have completed the sale of a caravan and motorhome retailer following its collapse yesterday. Ryan Grant and Chris Pole of Interpath Advisory were appointed as joint administrators to White Arches Caravans and operating subsidiary P.N. Sharpe Limited on March 28.
The company, which traded from sites in Rushden and Wellingborough, is a retailer of new and used caravans and motorhomes, with both companies forming part of the Robinsons Caravans group.
Over the past year, the group’s cash flow has suffered due to several macroeconomic factors, especially the cost of living crisis, which has led to customers having less disposable income. As a result, the group saw a decrease in both the volume of caravan sales, as well as the average purchase price. In addition, the company had faced an increase in costs, including financing costs, amid high interest rates.
The group’s directors sought to undertake a review of the business’ investment, refinance and sale options, but ultimately decided to appoint administrators. Upon their appointment, the joint administrators immediately completed a sale of the business and assets to a newco owned by Spinney Motorhomes and Caravans, in a deal that secures all 55 jobs at the business.
Joint administrator and Interpath Advisory Managing Director Ryan Grant said: "Having traded for over 45 years, White Arches is a well-established and well-respected name in the caravan and motorhome sector. We are delighted, therefore, to have concluded this transaction which will enable the business to continue to trade under new ownership.”
Charlie Holland, director of Spinney Garage, commented: "We're delighted to welcome White Arches into the Spinney group. As a family-run business ourselves, our values and philosophy are very similar to those of White Arches, so we're looking forward to taking the company back to its roots.”
"To this end, we intend to continue to trade the business under the White Arches name, retaining its well-respected brand."
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