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17 Oct 2011
KPMG ADMINISTRATORS have been recruited to caravan and motorhome retailers Discover Leisure and its trading subsidiary Signlease.
Mark Firman and Paul Flint from KPMG have been appointed joint administrators to the struggling company which earlier this year sold assets and attempted to secure alternative equity in a bid to save the business.
Further reading
In 2009 Firman was involved in pushing through Discover Leisure's Company Voluntary Arrangement (CVA) which was approved by 99.7% of creditors by value.
CVAs usually repay a portion of debt owed to creditors over a period of time while allowing the business to continue trading. It must be voted for by at least 75% or more, by value, of creditors for approval.
The Discover Leisure's debtors were expected to receive about 22p for every pound owed under the CVA.
However, the company has now collapsed due to difficult trading conditions.
Firmin, (pictured) KPMG's Northern head of restructuring, said: "Discover has faced a difficult market over an extended period of time, with persistently depressed consumer demand for high value discretionary items in particular.
"Whilst 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."
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