Somerset Caravans, based at Walford Cross on the outskirts of Taunton, has been placed into Administration after severe cashflow problems arising from the general economic climate made it impossible to continue.
Ian Walker and John Kelly of national business rescue and recovery firm Begbies Traynor have been appointed Joint Administrators. Ian Walker, Partner at the firm’s Exeter office, says,
“Somerset Caravans is a well-known, long-standing Somerset business, which has traded profitably from a great location on the outskirts of Taunton, next to the proposed new junction with the M5. Difficulties experienced in related areas of production and supply caused rapid and severe cashflow problems, but it is our intention to find a buyer for the business as a going concern. It is a good business which offers not just caravans but a whole range of camping supplies, and therefore is in a position to take advantage of the growing trend for family camping and caravanning holidays in the South West.”
The business employed 21 people, 16 of whom have been retained while the Administrators look for a buyer.
Ian joined Begbies in 2000 from Pannell Kerr Forster after practicing insolvency for the previous 20 years with Big Four firms. A member of R3 and a Fellow of the Institute of Chartered Accountants in England & Wales (from which he also takes his Insolvency Licence, he is currently a member of the ICAEW Investigation Committee. Over the years, Ian has dealt with all types of insolvency and at least three recessions. Currently, his practice based in Exeter and Plymouth covers the whole of Devon & Cornwall (including the Scilly Isles), together with as much of Somerset and Dorset as he can get away with! He deals with all types of personal and corporate insolvency and also concentrates on pre- and post-lending review work for all the major lending institutions.