ReSolve appointed administrator of Time GB Group
Time GB is a part of UK caravan business RoyaleLife, much of which has now become insolvent following a number of economic and corporate challenges
ReSolve’s Cameron Gunn, Lee Manning and Simon Jagger have been appointed as the administrators to Time GB Group Limited.
Time GB is a part of UK caravan business RoyaleLife, much of which has now become insolvent following a number of economic and corporate challenges.
Prior to the insolvencies, RoyaleLife was a large provider of caravans and bungalows across more than 60 developments throughout the UK. Time GB is the finance centre for the group, handling payments and transfers.
According to the administrators, this is likely to be a complex project due to the many connected entities in the RoyaleLife group and the nature of Time GB’s relationships with them and other stakeholders.
ReSolve, which has a strong track record in managing complex corporate situations and achieving the best possible outcome for stakeholders, was appointed by a High Court Judge.
Cameron Gunn, senior partner at ReSolve, said: “This is a complex project, involving as it does a group of companies comprising approximately 200 entities, of which Time GB is critical.
“There are a number of creditors and insolvency proceedings which are currently ongoing in respect of it and other group entities, for which we are in the process of gathering information.”
He added: “At ReSolve we have an excellent track record of handling challenging corporate situations with speed and sensitivity. Our focus now is on working hard to find the best possible outcome for Time GB and its stakeholders.”
