Holiday parks in Devon sold after business goes bust

Two luxury holiday parks in Devon have been sold for £16m after the company that runs them went bust with huge debts. All staff at Hornbeam Country Park in Dunkeswell and Willow Bay Country Park in Whitstone, near Holsworthy, have been transferred to the new owner, but the deal left creditors almost £12m short.

DevonLive reported in March how Exclusive Luxury Lodges Ltd – which also owned Aspen Country Park in Suffolk and Cherry Bird Country Park in Berkshire – had gone into administration, leaving staff “in limbo”. But now proposals from London-based joint venture PKF Littlejohn Advisory Ltd reveal that the four parks and some land and other assets have been sold to ELL Holdco Ltd as part of a pre-arranged package.




ELL Holdco and Exclusive Luxury Lodges are ultimately owned by the same company RS Holdco 3 SARL. The deal, which the administrators and an independent valuer believe is the best option, is however unlikely to leave creditors with £11.825m.

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Most of this shortfall will be borne by Luxembourg lender RS ​​Lender IV SARL, which will receive 60.48 pv pounds. But HM Revenue and Customs is likely to be left with more than £1m in unpaid tax and unsecured creditors, including some Devon companies and possibly an outstanding Covid-era loan, will not get the £312,288 they claim. Documents filed at Companies House said: “It is not expected that there will be sufficient funds to pay distributions to preferred and/or secondary preferred or unsecured creditors.”

Hornbeam Country Park is set in its own private grounds, next to 40 acres of woodland. It has luxury cottages that can cost up to £519 for five nights. It was valued at £4.4 million.

Willow Bay, near the Cornish border, has 42 luxury cottages, a mix of self-owned and rented. Prices can go up to £595 for seven nights. It was valued at £2.7 million. All owners of the cottage were informed about the pre-packing.

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