Date Published: 19th July 2012
Static caravan and holiday lodge manufacturer Normandy Holiday Homes Ltd has been placed in administration threatening up to 25 jobs in Hull, 19 staff having been made redundant.
Joint administrators Andrew Mackenzie and Bob Maxwell of Begbies Traynor were appointed on 13 July, 2012 by the directors.
The 25 year established firm, that was bought by its directors in an MBO in 2003 has seen a slump in export orders and a disruption to its supply chain since 2011 that resulted in a 40% drop in sales and irreversible financial pressures.
“Normandy Holiday Homes had built turnover to over £5m in 2011, but reduced levels of overseas sales in Europe related to the eurozone crisis, and the failure of other caravan component manufacturers in the region coupled with supplier demands led to problems. In addition, slow payment by its UK holiday park and caravan retailer customers which have been unable to sell units this year due to the impact of the dreadful summer, was also a major factor in the failure,” said Andrew Mackenzie of Begbies Traynor’s Hull office.
“The business has a skilled workforce, some great products and a strong brand within the market, and we have confidence that we will be able to secure a trade buyer for the business or assets.
“We are actively marketing the business for sale, however the reality of the situation is that further redundancies are inevitable as the business simply can’t pay the wages of the staff at present. Our focus now is to recover as much of the creditors’ funds as we can, as well as ensuring as many of the workforce as possible remain employed,” he concluded.
The firm operates from 40,000 sq ft of freehold and leasehold manufacturing sites in Bontoft Avenue, Hull.
Andrew is a qualified Insolvency Practitioner, a fellow of the Association of Chartered Certified Accountants and has a degree in Accountancy and Finance. He has a broad range of experience in corporate rescue and recovery, restructuring, personal insolvency, business investigations, review work and funding solutions.
Having previously worked for PwC, Baker Tilly and BDO Stoy Hayward, Andrew joined the Leeds office of Begbies Traynor in January 2006. He opened a Hull office for the firm on 1 May 2008 and has more recently opened our offices in Scunthorpe and Grimsby.