Buyer sought for caravan retailer Discover Leisure
Tue, 18 Oct 2011 | ADMINISTRATION
Administrators are assessing the future of caravan and motorhome retailer, Discover Leisure, after it fell into administration on the weekend.
The company - which employs around 250 staff at sites across the North of England - is understood to have been seeking investment to keep it running in recent weeks, but had to enter administration after the funds could not be found.
Administrators, Mark Firmin and Paul Flint of KPMG, are said to be seeking a buyer or buyers for the business, but have closed down operations in the short term while they undertake their search for offers.
"Discover has faced a difficult market over an extended period of time, with persistently depressed consumer demand for high value discretionary items in particular," explained Mr Firmin, who is KPMG's head of restructuring for the North. "While it is regrettable that we have had to close the dealerships over the weekend, we are working towards a solution to rescue some or all of the business."
The business underwent a debt restructuring in 2009 but warned its customer base earlier this week that it was struggling with weak consumer sentiment.
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