One of Britain’s largest caravan park companies, RoyaleLife Group, has been the subject of a buy-out bid by Oaktree Capital Management, reported the national press at the weekend.
Oaktree has offered £100m for the ailing parks company, owned by billionaire Robert Bull. The offer takes into account the £500m of loans secured against the parks company.
Oaktree is a US-based hedge fund. It made the offer to Intermediate Capital Group, that loaned the money to RoyaleLife and subsequently placed parts of it into administration earlier this year.
Dozens of parks are involved in the deal, which covers all of the assets against which ICG has security, although some of those assets may not be subject to insolvency proceedings.
Robert Bull, named this year as number two in the Sunday Times Rich List with an estimated £1.9bn, built his caravan and holiday bungalow empire by converting holiday parks into retirement homes initially.
None of the companies involved in the reports have commented so far. Last month other press reports revealed that 29 caravan parks and other properties in the RoyaleLife Group were up for sale.
