![]() RoyaleLife is building 64 bungalow communities with a further 40 in planning. He has pitched the properties to ageing Britons keen to downsize. However, in 2016 the company ran into trouble and was declared bankrupt, reportedly under the weight of debts totalling £3.5m.Īfter a period of ill-health, the entrepreneur struck on the idea of converting caravan parks into bungalow villages. Mr Bull then rebuilt the empire and established Britain’s second-biggest caravan group with his business partner. His father carried on the family business until he “lost everything in the 1990s banking crisis”. My grandfather started out in the caravan park industry in 1945 and all his children, including my dad, went into the same business, which evolved into the modular-build bungalow product we supply today.” He said: “My three sisters and I were brought up with everything we could want. Mr Bull was “born with a platinum and diamond-encrusted spoon in my mouth” according to a newspaper article in May. The row threatens to overshadow a riches-to-rags-to-riches story that has helped win Mr Bull glowing press coverage of his life story. I therefore want to reassure our funders, suppliers, residents, and employees that it is very much business as usual.” “More than 200 legal entities comprise the RoyaleGroup and these remain unaffected. ![]() “These have either been dismissed or are the subject of legal action. ![]() ![]() Mr Bull, executive chairman of RoyaleGroup, said: “Like many companies we had a challenging time emerging from the pandemic and, as an entity, we became subject to winding up orders based on false claims and unfounded information. “Our primary duty is to our funds and their investors, and this was a prudent measure to protect the company’s interests following a winding up petition being filed by a third-party creditor against the borrowers under the loans.” RoyaleLife, meanwhile, has had an administrator appointed over it by ICG-Longbow Senior Secured UK Property Debt Investments, a debt fund run by a subsidiary of Intermediate Capital Group, the £4bn FTSE 250 investor that is listed on the London Stock Exchange.Ī spokesman for ICG Longbow said: “We appointed administrators in relation to our investment in RoyaleLife. It followed the same entity being served with a winding up petition by HM Revenue & Customs at the end of last year. The most recent was last week, when City law firm DLA Piper served Mr Bull’s leisure estates business, Time Group Holdings Limited, with a winding up petition. ![]()
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