Administrators 'very confident' over plans to sell off two popular Northampton holiday parks in financial turmoil

Administrators in charge of selling two Northampton holiday parks in financial turmoil say they are ‘very confident’ of finding a buyer.

Billing Aquadrome and Cogenhoe Mill holiday parks, owned by the Royale Life Group, went into administration on Thursday, July 6.

The parks were subsequently taken over by joint administrators, Daniel Smith and Oliver Haunch of Grant Thornton LLP, who have since been searching for a buyer for the sites.

Speaking to Chron and Echo on Tuesday (August 1), Mr Smith provided an update on the sale of the parks.

He said: “It’s an ongoing process. It’s not advertised as such anywhere but various financial institutions have made approaches to the administrators.

“We have had a very positive response of people lining up to seek to buy the asset. We have absolutely no doubt that they will be sold. We’re very confident.”

Mr Smith declined to reveal a figure when asked how much the site may sell for.

He said: “I’m not able to disclose that, that’s what the market will dictate itself.”

He added: “It’s still business as usual at the parks. We still believe the park has a fantastic future and without any doubt. It’s a very profitable site.”

In a previous letter sent out by the administrators, residents were reassured the site’s sale is progressing.

The letter said: “The sales team will continue to seek interest for the sale of caravans and the joint administrators, with the support of the secured creditors, are considering an applicable sales plan to generate additional interest and growth for the parks.”

The site will be in administration for an initial period of up to a maximum of 12 months however this may be extended by creditors or court approval, if required, the letter states.

Thousands of residents who live on the parks have reportedly been left concerned and worried about the future of the sites.

One resident told the Chronicle & Echo: “It’s a very, very worrying time. I think everyone is worried for the future and what is going to happen.

“You’re kind of hoping another holiday resort takes the contract over and we can stay. You do hope for a business minded company to pull this park round."