51 jobs lost af­ter ‘un­sus­tain­able cash­flow dif­fi­cul­ties in com­pet­i­tive mar­ket’: P4

Caernarfon Herald - - FRONT PAGE -

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.

● Cam­brian Park and Leisure Homes - owned by Cam­brian and Sovereign Hold­ing Group, which has gone into liq­ui­da­tion

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