Over 150 jobs saved at holiday lodge firm
MORE than 150 jobs have been secured after a luxury lodge maker was saved from administration.
Cambrian Park and Leisure Homes Limited went into administration after suffering losses and cash-flow pressures following a move to a new purpose-built manufacturing unit in Porthmadog.
This put around 160 jobs and the whole brand under threat, despite a strong order book thanks to the boom in lodge holidays.
But business advisory firm FRP Advisory LLP has secured the sale of the business to Cambrian and Sovereign Holding Group.
This is a new company set up by the owners of Sovereign Park & Leisure Homes in Coventry.
The business will continue to operate from its main manufacturing site at Gelert House in Porthmadog.
Ben Woolrych, joint administrator, and partner at FRP Advisory said: “We are delighted to have secured the future of the Cambrian business and brand, which is one of the leading manufacturers of luxury holiday lodges.
“This is a great result for the manufacturing sector in the area, the employees and the customer base ahead of the UK holiday season.
“We wish the management and staff all the very best for the future.”
Vincent McCullagh, managing director of Sovereign Park & Leisure Homes Ltd and now also Cambrian, said: “We are absolutely delighted with our acquisition, which will give us a fantastic future in the lodge manufacturing sector, which was the next step we were looking to take following our success in the residential park home market.
“We are looking forward to continuing the strong Cambrian brand for a long time to come.”
Talking about the issues that led to Cambrian entering administration, FRP Advisory said: “Revenues at the company have grown strongly over the past two years and the business had been operationally restructured in the second half of 2016, including a centralisation of manufacturing to its purpose-built unit in the town.
“The transition was not as effective as envisaged, which led to significant losses and cashflow pressure despite a strong order book from its loyal customer base.”