Ambassador Group has bought a portfolio of former RoyaleLife Group residential and holiday park sites spanning south and central areas of England, from Cornwall to Norfolk.
The move comes after RoyaleLife, owned by billionaire Robert Bull, fell into administration in August last year.
Paul Davies, Sandra Mundy and Tom Russell of James Cowper Kreston were appointed as the administrators of various companies associated with RoyaleLife Group, with Christie & Co engaged to market the sites.
A total of 35 sites, in a blend of operational and pre-development stages, have been taken on by Ambassador Regency Group, a newly established arm of Ambassador Group led by owner and chief executive David Gaffney.
The acquired assets will operate under the Regency Living brand, which aims to create vibrant communities and deliver homes that enhance the lifestyle and wellbeing of residents.
Scotland-based Ambassador’s investment management team will work alongside the newly established Regency Living team, with more than 120 job roles created within the new business.
The acquisition positions Ambassador, established in 2011, to become a key player in the industry, with scope for developing several thousand park bungalows in the near future.
Gaffney said: “This acquisition aligns with our group strategy to acquire, reposition, innovate and create value alongside returns for our capital partners.
“Luxury bungalow parks are an expanding and exciting sector for us to be involved in, and both the Ambassador and Regency Living teams have big plans for each of the sites acquired, in keeping with our commitment to innovation, sustainability and community development as a customer-centric business.”
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