Holiday park company in administration owing £244m

Summarised from 4 outlets · Updated 1 Nov, 11:15 · Archive

A UK holiday park company with sites including Solway Holiday Park in Cumbria has been placed into administration owing £244 million.

Cove Communities Holiday Park UK HoldCo Limited was placed into administration towards the end of last year, with debts of £244 million. The company owned a portfolio of holiday parks across the UK, including Solway Holiday Park in Silloth, Cumbria.

Four operating subsidiaries continue to trade. One based in Argyll operates eight locations with nearly 197 staff. A second in the Scottish Borders employs 20 staff. The Cumbrian site employs 46 staff, and a Cornwall location has 97 staff. A fifth site, Medmerry, was recently placed into separate administration.

Creditors have now backed an extension of the administration process to October 2027, according to new documents. This will allow time for the administrators to proceed with their sale strategy.

The administrators, including Adam Paxton of Alvarez & Marsal, are pursuing a coordinated approach. In their June update, they stated their strategy was to trade four of the operating subsidiaries and then 'maximise value by marketing the business and assets of the company and all of its subsidiaries in a coordinated sales process'.

The Scottish sites being marketed for sale include Drimsynie Holiday, Hunters Quay Holiday Village, Loch Awe Holiday Park, Loch Eck Caravan Park, Loch Eck Country Lodges, Loch Lomond, St Catherine's Caravan Park and Stratheck Holiday Park. Sites south of the border are also to be sold, with the administrators inviting agents to tender for the sales agent role.

How it is being reported

• Company behind Cumbrian holiday park collapsed owing £244mA holiday park company with sites across the UK was placed into administration owing £244 million.Whitehaven News · 1 Nov, 10:54
• Company behind Cumbrian holiday park collapsed owing £244mA holiday park company with sites across the UK was placed into administration owing £244 million.News & Star · 1 Nov, 10:54
• Company behind Cumbrian holiday park collapsed owing £244mA holiday park company with sites across the UK was placed into administration owing £244 million.Westmorland Gazette · 1 Nov, 10:54
• Company behind Cumbrian holiday park collapsed owing £244mA holiday park company with sites across the UK was placed into administration owing £244 million.NW Evening Mail · 1 Nov, 10:54

In this story: Cove Communities Holiday Park UK HoldCo Limited · Solway Holiday Park · Alvarez & Marsal · Adam Paxton · Silloth · Cumbria · Argyll · Scottish Borders

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log