A property investor has snapped up 35 sites which were part of a caravan park empire which collapsed with debts of £308m.
The future of the sites, many of which are in the South West, were left in serious doubt after Royale Park went into administration last summer.
More than half the parks, which offer luxury accommodation to older people, are in the South West.
Following the collapse of the business an investigation was launched into the directors of business and the affairs of the company.
The company was owned by billionaire businessman Robert Bull who at one stage had made it onto The Sunday Times Rich List. According to some estimates he had a personal fortune of almost £2bn.
Property company Christie and Co had been appointed to sell off all the sites on the open market.
The founder and principal of Ambassador Group has since announced it has acquired a total of thirty-five RoyaleLife Group park bungalow sites which were placed into administration.
The financial terms of the transaction have not been disclosed.
Ambassador Regency Group – a new entity within the well-established Ambassador family of businesses led by owner and chief executive David Gaffney – has acquired the portfolio which includes a mix of residential and holiday park sites.
The portfolio is made up of a blend of operational and pre-development stages.
The acquisition means Ambassador Regency Group is set to become a key player in the industry with the scope for developing several thousand park bungalows in the near future.
Scottish based Ambassador Group is an independent, family-owned property business established in 2011 with interests in the UK and overseas.
The assets acquired by the group are located across south and central areas of England in some of the most desirable locations in the United Kingdom, from the Cornish coastline to the Norfolk forests. They will operate under the Regency Living brand.
Ambassador’s Investment Management team will work alongside the newly established Regency Living team to help drive the new venture to become the industry leader in the premium park bungalow space.
More than 120 job roles have also been created within the new business which includes a team of seasoned industry professionals in the sector that bring a wealth of knowledge and experience to the new enterprise.
David Gaffney said: “After many months of uncertainty for residents and purchasers, we are delighted to announce the successful acquisition of thirty-five Park Bungalow sites.
“This significant acquisition aligns seamlessly with our group strategy to acquire, reposition, innovate and create value alongside superior returns for our capital partners.
“I am proud that we have been able to create significant skilled job roles in the new business and look forward to working with a talented team of professionals as we leverage on their experience alongside Ambassador’s expertise in real estate development to contribute positively to this industry.
“Our aim now is to transform and improve the assets into communities that provide an unrivalled quality of living and above all, peace of mind for our new Regency Living family of colleagues, residents and customers as we work with the Administrators to complete the licence transfer process for our sites.
“Luxury bungalow parks are an expanding and exciting sector for us to be involved in and both the Ambassador and Regency Living teams have big plans for each of the sites acquired, in-keeping with our commitment to innovation, sustainability and community development as a customer centric business.”
Last July Bull claimed winding up orders against his business were “based on false claims and unfounded information” and said they were the subject of legal action.
However, in a High Court judgement by Judge Barber handed down on July 28, she refused to strike out a winding-up petition filed against a property company Bull wholly owned, Time GB Group.
The affected sites included:
Moore Lane, Warrington
Budemeadows Country Park, Bude
Dolbeare Court, Saltash
Oakleigh Court, Dolton
Regency Court, Newton Abbot
Regency Place, Newton Abbot
Christchurch Marina Park, Christchurch
Matchams Lane, Christchurch
Beacon Hill, Poole
Manor Farm Park, Poole
Matchams Leisure Park, Ringwood
Silver Mist, Ringwood
Dorset Heights, Wareham
Deers Court, Wimbourne
New Forest Court, Wimborne
Dunton Park, Royal Dunton Court, nr Brentwood
Montserrat Caravan Park, Stroud
Frensham Country Park, Churt
Milford on Sea Park, Lymington
Wickham Court, North Boarhunt
Isle of Wight:
Fort Caravan Park, Sandown
IOW View, Sandown
Reculver Court, Herne Bay
Waterways, Herne Bay
Plum Tree Country Park, Thetford
Redhill Residential Park, Watton
Sherwood Court, Newark
Ranksborough Hall Estates, Oakham