51 jobs lost after ‘unsustainable cashflow difficulties in competitive market’: P4
ALUXURY lodge building company has gone into liquidation with more than 50 workers losing their jobs.
Our sister paper the Daily Post revealed last month that workers at Cambrian Park and Leisure Homes had been asked not to come to work at the Porthmadog manufacturing facility. Now liquidators have been called in to Cambrian and Sovereign Holding Group Ltd and Sovereign Park and Leisure Homes Limited.
Joint liquidators John Lowe and Yasmin Bhikha of FRP Advisory LLP said that the companies had suffered significant financial challenges in recent months due to high overheads, unprofitable inherited contracts and HMRC delays.
The companies had therefore been forced to cease trading prior to the appointment of joint liquidators – resulting in the loss of 51 jobs.
Cambrian and Sovereign Holding Group acquired the business and assets of Cambrian Park and Leisure Homes Limited out of administration in March 2017 but did not trade, and these assets were utilised by Sovereign Park and Leisure Homes Limited.
John Lowe, partner at FRP Advisory in Leicester, said: ”Sovereign Park and Leisure Homes Limited and Cambrian and Sovereign Holding Group had faced extremely challenging trading conditions in an increasingly competitive market. This led to unsustainable cashflow difficulties, which have forced the companies to enter into liquidation.
“We are now focused on selling the assets of the companies and recovering any outstanding debt and will work closely with all agencies, including the Redundancy Payments Service, to ensure that employees receive every support at this difficult time.”
Interested parties or suppliers seeking more information should contact the FRP Advisory LLP Leicester office on 0116 303 3333.