A Moray caravan park with a chequered past has changed hands for the third time in five years after a £1million upgrade.
Milton Keynes firm Bridge Leisure Management (BLM) is the new owner of the site, Silver Sands at Covesea in Lossiemouth, after acquiring it from Nottingham based Richmond Wight Estates (RWE), it emerged yesterday.
RWE, which is fast establishing a reputation for returning formerly bankrupt and distressed parks back into profit in record time, said Silver Sands had the “worst name in the history of holiday parks” when it bought it less than two years ago.
Lifestyle Living Group had owned the site since October 2011, more than a year after the previous owner, Green Parcs, went into administration with debts of £14million.
Announcing the latest sale, RWE, which also owns Riverview Residential Park in Forres, said it had brought Silver Sands up to AA five-star standard in just 18 months.
The £1million investment paid for a modern new gym and leisure centre, including a swimming pool, that were completed last summer.
In addition, two releases of luxury holiday homes took place for part of the park known as the Dunes. The caravans, in an area overlooking Moray Golf Club, all sold out.
The sale of Silver Sands for an undisclosed sum caps a remarkable turnaround for the park, which was mired in a fraud scandal just a few years ago.
Sales consultant Neale Rothera sold caravans he did not own, conning seven people out of £53,500. He was spared jail only after he paid back the cash.
The new chapter in the site’s history coincides with RWE acquiring a bankrupt caravan park in Beattock in Dumfries and Galloway, which will be re-marketed as Moffat Manor Holiday Park.
“We’re looking for more,” RWE sales director Danny McInnes said, adding: “Our business model is based around putting the value back into distressed sites.
“We will work with the owners direct, with the banks or with agents. We particularly like working with the banks as we can split the profits and it saves our cash.”
“If they sell the park to us, they get the cash release they want and Richmond Wight get to own and manage the park and considerably enhance the value before we then re-sell it.”
Silver Sands was the perfect example, he said, adding: “It’s now a superbly-equipped park with thriving holiday ownership and bags of potential.
“We were not put off by its reputation – it has the worst name in the history of holiday parks – and took the bull by the horns with the £1million investment.”
Silver Sands’ new owner also owns caravan sites near Peebles, on the Rosneath peninsula in Argyll and Turnberry Holiday Camp on the Ayrshire coast.