Following their appointment as joint administrators, Ryan Grant and Chris Pole from Interpath Advisory have sold White Arches Caravans Limited and its operating subsidiary, P.N. Sharpe Limited.
Trading from sites in Rushden and Wellingborough, White Arches Caravans Limited is a retailer of new and used caravans and motorhomes. Both companies are part of the Robinsons Caravans group.
Over the past 12 months, the Group’s cashflow declined due to a number of macroeconomic factors. In particular, the cost-of-living crisis has meant customers have had less disposable income leading to the company experiencing a decrease in both the number of caravans purchased and the average purchase price.
Additionally, White Arches had seen costs rise, including financing costs as a result of high interest rates. This, coupled with the impact of the financial issues seen across the wider Group, further harmed the company’s cash position.
As a result of these mounting pressures, the directors sought to undertake a review of their investment, refinance and sale options. When it became clear that a solvent solution could not be found, they took the decision to seek the appointment of administrators.
Immediately following their appointment, the joint administrators sold the business and assets of the companies to a newco owned by Spinney Motorhomes and Caravans. As part of the transaction, all 55 staff members have transferred to the purchaser.
Charlie Holland, Director of Spinney Garage Limited, said: “We’re delighted to welcome White Arches into the Spinney group. As a family-run business ourselves, our values and philosophy are very similar to those of White Arches, so we’re looking forward to taking the company back to its roots. To this end, we intend to continue to trade the business under the White Arches name, retaining its well-respected brand.”
Ryan Grant, managing director at Interpath Advisory and joint administrator, said: “Having traded for over 45 years, White Arches is a well-established and well-respected name in the caravan and motorhome sector. We are delighted therefore to have concluded this transaction which will enable the business to continue to trade under new ownership. We wish the team all the very best for the future.”
