Investors are set to lose millions of pounds following the collapse of a holiday park company.
The Dream Lodge Group, which ran eight holiday parks across England, went into administration in January.
Administrators Deloitte sold the business and its assets for £11.2m to Exclusive Luxury Lodges in February, reports the Eastern Daily Press.
It is claimed that creditors were owed as much as £25 million, with many paying for lodges that were never built. Investors are likely to get back as little as 5% of their original outlay.
One such investor is Chris Tyler, 73, who spent £55,000 on a luxury lodge at the group’s Norfolk Park two years ago. He was promised returns of 8% a year on his investment but last Autumn these payments stopped.
Mr Tyler told the Eastern Daily Press: “I don’t know for sure what I’m going to get back. It’s a considerable amount and it cannot be made up. It is a psychological loss as well.
“It impinges on what you do for the rest of your life – as you get older you can’t replace it.”
Success for north west based holiday park group
Holgates, a family-run group of holiday parks in Lancashire and Cumbria, is celebrating after scooping a clean sweep of 5-star AA assessments across its sites.
The company’s flasgship park Holgates Silverdale was also awards the coveted 5-pennant platinum rating, the highest possible award for caravan and campsites in the UK, Business Up North reports.
On awarding the Platinum Award to Silverdale, the AA inspector said: “Silverdale continues to achieve a Five Pennant rating with a justifiably Platinum Award. As usual the landscaping is always a labour of love for the hard-working maintenance team, with an excellent overall presentation.”
Michael Holgate, owner of the company said it was a “great achievement for everyone involved at Holgates”.
“The AA ratings have always been a barometer of quality and for our flagship park at Silverdale to now be part of an exclusive group of 5-Pennant Platinum parks is tremendous,” he said.
“It’s a badge of honour to be the best park in Lancashire, and one we’ll wear with pride whilst continuing to exceed customer expectations.”
East Yorkshire’s largest park given expansion approval
Council chiefs in East Yorkshire have given their support to plans for 185 static caravans at one of the region’s largest holiday parks.
Councillors approved plans for Thornwick Bay Holiday Village in Flamborough which is operated by Haven.
It will see the construction of 185 new caravan bases as well as the relocation and construction of 276 caravan bases following removal of 325 existing caravan bases and 28 chalets.
There will also be new internal access roads, landscaping, creation of a nature reserve and boat house with associated car parking, reported the Bridlington Free Press.