Discover Leisure - sale of assets raises £5m +

Discussion in 'Motorhomes in the News' started by martin1485, Jun 6, 2012.

  1. martin1485

    martin1485 Funster

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    JOINT ADMINISTRATORS PAUL FLINT AND MARK FIRMIN OF KPMG LLP IN CONJUNCTION WITH SANDERSON WEATHERALL RAISE MORE THAN £5M THROUGH SALE OF FOUR FORMER DEALERSHIPS OF FAILED CARAVAN AND MOTOR HOME DEALER DISCOVER LEISURE PLC (IN ADMINISTRATION) AND ITS TRADING SUBSIDIARY SIGNLEASE LIMITED (IN ADMINISTRATION)

    Negotiations underway for sale of fifth former dealership

    Sales of four former dealerships of failed caravan and motor home dealer Discover Leisure PLC have raised in excess of £5m.

    The sales were undertaken by the Manchester office of specialist machinery and business assets agent Sanderson Weatherall on the instruction of Paul Flint and Mark Firmin of KPMG LLP, joint administrators of Discover Leisure PLC and its trading subsidiary Signlease Ltd which entered administration in October 2011 with the loss of about 250 jobs.

    The two businesses were struggling with “funding issues” including reduced consumer demand for big-ticket purchases such as caravans and motor homes in the economic downturn.

    The former Discover dealerships on the Portobello Trading Estate, Birtley, Tyne and Wear and Malton Road, Flaxton Moor, York were acquired by Catterick Caravans, the site at Burtree Gate, Darlington, Co Durham was bought by Kimberley Caravans and the site at Chester Road, Oakmere, Northwich, Cheshire was sold to motorcycle dealership J&S Accessories.

    Sanderson Weatherall is negotiating the sale of a fifth former dealership on Chapel Lane, Coppull, Lancs with an unnamed buyer.
    The Manchester office is also planning an online auction of more than 200 caravan, motor home and leisure-related domain names together with domains associated with insurance, finance and warranty markets.

    Sanderson Weatherall previously staged a combined retail sale and online auction of approximately 60 new and pre-owned caravan and motor homes and camping and caravanning accessories, fixtures and fittings and plant and machinery from the former sites of Discover.

    Mark Lord, partner, machinery and business assets at the Manchester office of Sanderson Weatherall, said: “Whilst we obviously regret the demise of a business and consequent loss of jobs, we’re delighted to have secured the sale of four of the five dealerships and remain confident of being able to conclude a successful sale of the Coppull location.

    “Our forthcoming online auction provides a tremendous opportunity to acquire a collection of unique domain names specific to the leisure, finance, insurance and warranty markets.”
     
  2. bigfoot

    bigfoot Funster

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    They sort their wedge out before the remainder is paid to creditors!
     
  3. Terry

    Terry Funster

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    Did they not owe 35 million :Eeek:
    terry
     
  4. DuxDeluxe

    DuxDeluxe Funster Life Member

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    I wonder how will be left after the receivers take their small cut......
     
  5. slobadoberbob

    slobadoberbob Read Only Funster

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    I doubt much will be left

    After all the fee's I doubt there will be much left over.. by the time VAT man and the Tax man have also had there bit... the rest will be left to whistle in the wind.

    Bob:Blush:
     
  6. SuperMike

    SuperMike Read Only Funster

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    As always. :Angry:
     
  7. GJH

    GJH Funster Life Member

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    Whatever one might think about the receivers taking their cut first - for work that they have done of course - let's not forget that the people who are guilty of depriving other creditors of what they are owed are those who made a right clarts of running the business in the first place.
     
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