Updated: 16th September 2010
Kirstie Provan and Mark Fry of Begbies Traynor, appointed joint administrators over Mill Rythe Holiday Village LLP (“MRH”) on 9 September 2010, are delighted to announce the successful sale of the business and assets of MRH to Mill Rythe Limited (owned by Away Resorts Limited), a non-connected party of MRH. The sale was completed shortly after MRH entered administration following an accelerated sales process run over a short time period by the proposed administrators in conjunction with BTG Corporate Finance.
Mill Rythe Limited has committed to improving the Mill Rythe Holiday Village’s existing offering and intends to make considerable improvements to the overall standards at the park, with particular attention being made to the accommodation, food quality and entertainment. It is anticipated that many of the 115 existing staff of MRH will be retained by Mill Rythe Limited to help realise this exciting new phase of the company’s development.
Commenting on the deal, the Managing Director of Away Resorts Ltd, Carl Castledine said, “We are delighted to have acquired Mill Rythe Holiday Resort which will fit into our existing portfolio of holiday park businesses very well. Over the years, thousands of families have enjoyed spending their holidays at the park and we are looking forward to welcoming them back soon. The park itself has held an excellent reputation for many years and we intend to improve upon that further.”
Kirstie Provan, Joint Administrator at Begbies Traynor said:
“We are delighted to have been able to identify a suitable buyer for Mill Rythe Holiday Village and consider that Away Resorts is a well matched owner with the ability, knowledge and skills required to take the business forward given their experience of the UK leisure market, specifically in relation to the turnaround of underperforming holiday parks. We have worked hard to ensure that the business is saved and are pleased to have achieved such a positive outcome for the business, future customers and employees as well as the local area. It is a fantastic result to have safeguarded the positions of the one thousand plus holiday makers that had outstanding bookings at Mill Rythe Holiday Village.
Mark is an experienced insolvency practitioner, with over twenty years experience. Originally a founding partner in Taylor Gotham & Fry, a specialist boutique practice in the corporate recovery sector, he later sold this practice in 2005 to Begbies Traynor. Mark is now the Regional Managing Partner for the company, responsible for London and the South East. During his time at Begbies Traynor he has developed a separate but integrated restructuring and banking practice; this part of the business has worked in both debtor and creditor led turnaround situations. He also holds several directorships of trading companies outside the financial sector, which assists his awareness and understanding of the issues found by business managers and owners.
Mark is a Counsel Member of the Insolvency Practioners Association and a member of their Membership and Authorisation Committee, as well as the Education and Training Committee. He has also served as a member of the General Technical Committee for R3, the Association of Business Recovery Professionals.