Huge holiday park in Northampton is in the process of being sold to 'very excited' new owners

A huge holiday park in Northampton is in the process of being sold off to new owners – here’s what we know so far.

Billing Aquadrome and Cogenhoe Mill holiday parks went into administration on Thursday, July 6.

The parks, owned by the Royale Life Group at the time, were subsequently taken over by joint administrators Daniel Smith and Oliver Haunch of Grant Thornton LLP.

Now, after six months of searching, the joint administrators say they are now working with one party ‘on an exclusive basis’ to buy the site.

The administrators said: “We wanted to provide an update on the sales process so that owners can have confidence in the long-term position of the park. Following an extensive sales process that generated much interest in the park, I am pleased to report that we are now working with one party on an exclusive basis. Final discussions regarding the structure of the transaction are underway and we hope to be in a position to complete the transaction shortly.

"While we cannot reveal the name of the party at this stage, we can confirm that they are very excited about the potential for the park, are assembling an experienced management team and are working up plans for future investment following the completion of the acquisition. We will continue to provide updates as we receive them.”

In other news regarding the park, hundreds of residents were forced to flee the site in the first week of the New Year following heavy flooding.

Residents and holidaymakers had to leave the site on January 6 anyway until February 1 as required under the licensing agreement with the local authority to operate as a holiday park.

However, on residents’ return, the site management team say they are still tackling issues caused by the floods.

The administrators said: “We would like to extend a warm welcome back to those owners who have been able to return to their caravans. For those who continue to be impacted by the January flood and subsequent damage to the electricity supply, please rest assured that we are working with contractors to resolve the situation as soon as possible. Our on-site team continues to work tirelessly to restore power across the site. By mid-February, we hope to have power restored to over 85% of the pitches on site.”