Alleged gangster applies to bankrupt British bungalow billionaire

Alleged gangster applies to bankrupt British bungalow billionaire

Diving Into the Turbulent World of RoyaleLife: From Bankruptcy to Uncertainty

An Emotional Rollercoaster for Robert Bull and RoyaleLife

Robert Bull, a successful entrepreneur known for his prowess in the field of selling pre-fabricated dwellings to over-45s, experienced the highs and lows of business. Having bounced back from bankruptcy in 2016, he built a £4-billion ($5.1 billion) business and positioned himself as a billionaire with a net worth estimated at around £1.9 billion by The Sunday Times. However, his thriving empire now faces an uncertain future due to the actions of a man named Fred Doe, who has alleged connections to the notorious Irish Kinahan gang.

A couple of weeks before the release of the rich list, Sines Parks Holdings Limited, majority owned by Fred Doe (formerly Maurice Sines), applied to put several RoyaleLife units into administration. This triggered a series of events that leave the future of RoyaleLife hanging by a thread. Lenders rushed to follow suit, as they feared potential losses. Investment firm Intermediate Capital Group Plc, which claims around £500 million, appointed administrators to some entities, leading others to do the same. However, Bull remains optimistic and has assured stakeholders that, despite the challenges, it is “business as usual” for the more than 200 legal entities that comprise the RoyaleGroup.

Bungalow Riches in the Caravan and Leisure Park Industry

The caravan and leisure park industry has garnered significant interest from institutional investors, attracting big players with deep pockets. For instance, Blackstone Inc. purchased Bourne Leisure, the owner of holiday caravan operator Haven, and CVC Capital Partners bought Away Resorts, later merging it with Aria Resorts. Within this industry, RoyaleLife not only holds leisure assets but also offers a unique service. Customers have the opportunity to sell their homes to the group, using the proceeds to purchase a bungalow in one of the company’s parks. Any remaining funds belong to the customer. RoyaleLife is actively building 64 bungalow communities, with plans for an additional 40 in the works. This service, advertised as a way for UK residents to release equity without borrowing, offers investors an avenue to capitalize on the growing demographic of an aging British population.

The Debt Burden and Refinancing Challenges

To fund its operations, RoyaleLife has accumulated at least £1.3 billion in debt from various institutions, including Sun Communities Inc. and Cross Ocean Partners. Late last year, Oaktree Capital Management, a significant player in the distressed-debt investing space, was in discussions to refinance the entire RoyaleLife business. However, the terms of the deal were revised, leaving the transaction in doubt. Oaktree is currently negotiating to acquire some of the debts from lenders at a discounted price. Despite the challenges posed by the pandemic, with its negative impact on sales and planning permission, the company’s lenders initially remained supportive of the business. However, the intervention of Fred Doe and Sines Parks has changed the tide.

The Troubling Relationship Between Doe, Crickmore, and RoyaleLife

The relationship between Fred Doe, James Crickmore, and RoyaleLife takes a dark turn. Court documents reveal that Bull, on behalf of a RoyaleLife entity, agreed to borrow over £2 million from Doe and Crickmore. However, this debt was not repaid on time, leading to tensions. Crickmore’s actions further complicate matters. He visited the home of a RoyaleLife executive, causing discomfort for the executive’s wife, who reported the incident to the police. Court documents identify Crickmore as part of the British arm of the Byrne Organized Crime Group, affiliated with the notorious Kinahan gang. These revelations shed light on the potential dangers lurking behind the scenes of RoyaleLife.

• Study shows wave sizes increasing along California coast, with 13-f...
• Italy’s PM Giorgia Meloni is tackling the powerful taxi lobby to ad...
• Coinbase earnings show success of service expansion

Lender Actions and the Domino Effect

The action taken by Sines Parks to put RoyaleLife entities into administration sparked a chain reaction. Lenders, including ICG, RoundShield Partners LLP, Octopus Investments Ltd, and Avenue Capital, appointed administrators to various parts of the group. By doing so, the lenders assumed control of the assets to secure repayment for their investors. Two winding-up petitions, requests to shut down businesses, were heard in court, with one being granted and leading to the closure of the company. These creditor actions have created a sense of uncertainty and potential peril for RoyaleLife.

A Glimmer of Hope Remains

Despite the challenges, RoyaleLife’s spokesperson remains steadfast that Robert Bull’s private life and business interests are independent of each other. Bull, as the majority shareholder, still maintains control over the RoyaleGroup. While the future remains uncertain, the company continues to work with a syndicate of financial institutions to reach a significant transaction this year. The outcome of this endeavor could determine whether RoyaleLife can overcome the hurdles it faces or succumbs to the pressures exerted upon it.

In the whirlwind of events surrounding RoyaleLife, Robert Bull’s remarkable journey from bankruptcy to building a multibillion-dollar business showcases the resilience and potential fragility of success. As the story unfolds, the fate of RoyaleLife hangs in the balance, leaving investors, residents, and employees eagerly awaiting the resolution of these turbulent times.

Assistance provided by Jonathan Browning