LONDON – April 10, 2024 – Greenberg Traurig, LLP’s London Restructuring & Bankruptcy Practice has advised on the administration sale of four holiday parks that operated within the wider RoyaleLife Group.
RoyaleLife, which owned and operated several holiday parks across England containing both owner-occupied and hire-fleet units, faced financial distress due to liquidity issues and limited refinancing capabilities. The holiday parks continued to trade under the control of the joint administrators between July 2023 and March 2024, and with the support of the secured lender, the parks had undergone various improvements. The sale of the business and assets of the RoyaleLife parks completed on 27 March.
The Greenberg Traurig team – comprising Co-Vice Chair of the firm’s Global Restructuring & Bankruptcy Practice and Chair of the London Restructuring & Bankruptcy Practice John Houghton, Senior Associate Kevin Mulligan, and Associate Nazmul Miah, and supported by the firm’s Litigation, Real Estate, and Tax practices – advised the joint administrators during the course of the administrations and on the subsequent sales, which saw the continuation of future operations of the parks for the benefit of licence holders and visitors and the rescue of over 100 jobs.
“This was a particularly interesting matter, as it involved navigating the statutory framework underpinning the operation of mobile home sites as well as the various matters arising in the course of a trading administration,” Houghton said. “It illustrates our deep insolvency experience when advising insolvency practitioners in the course of large-scale trading administrations.”