Discover Leisure announced this evening (Friday 14 October) that it has appointed administrators, explaining “the Company was unable to continue trading as a going concern” in a statement reported by the London Stock Exchange news service.
The statement goes on to say that: “The Directors and management will be working with the administrators to try and ensure that the business is saved in part or as a whole and as many of its employees as possible maintain their jobs within the business.”
This followed a recent business update, reported by the same service, in which the Board had announced that it needed additional finance “to secure the ongoing trade of the business.” And this morning trading of its shares was suspended at the request of the company.
Back in August 2005, Discover Leisure acquired the company that owned Harringtons Caravans, and went on to purchase Leisure World (with four dealer sites), Barrons (with seven sites), Mendip Caravan Centre (three sites), and Brownhills’ Cannock site.
When the global financial crisis hit in 2008, the group suffered from a fall-off in demand for caravans and motorhomes. It undertook a major restructuring in 2009, that included closing 11 of its sites.
The Group now has 5 branches across the north of England, employing 250 people. Pictured are Discover Leisure’s David Morrow (Chairman) and Trevor Parker (Chief Executive).