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Breakaway Homes Situation as of 16 April 2009Round-up
30 yrs ago:John Jayne starts a mobile home companyApril 2000: Company is incorporated into Breakaway Holiday HomesLimited with John Jayne as sole director July 2001: Name is changed to Breakaway Homes LimitedSep 2001: Breakaway Homes shows a profit in its initial accountsSep 2002-Sep 2005: Breakaway Homes makes a lossSep 2006-Sep 2007: Breakaway Homes makes a profit. No accounts are prepared beyondSeptember 2007.Sep 2007: Breakaway Homes lends nearly £1.5 million to Breakaway Spain Ltd, aseparate company in which John Jayne is also sole director. The money wasto buy land on which Mr Jayne hoped to get planning permission for a mobilehome park. Breakaway Spain bought the land for 1.9 million Euros and itremains Breakaway Spain's main asset. However Breakaway Spain never managed to secure planning permission on the land.Mid 2008: Breakaway Homes say they started to see a decline in sales due to theeconomic downturn and began experiencing problems with cash flow. Thismeant they could not fulfil orders and, when the homes did not appear, somecustomers who had already paid deposits or in-full started legal action.18 Nov 2008: Still unable to fulfil orders, Mr Jayne decides to cease trading and makesBreakaway Homes staff redundant25 Nov 2008: Mr Jayne puts Breakaway Homes Ltd into administration andColin Ian VickersandIan Paul Sykes from Vantis Business Recovery
Services' Worthing office (contact details) are appointed as administrators.27 Jan 2009: The administrators report that:1.Breakaway Homes cannot be rescued as a going concern
2.
They have invited creditors (i.e. anyone owed money) to send them information ontheir claim.
(AdviceCentre note: if you have been affected and haven't yet sent Vantis details of your claim, take a look at Help! I'm owed money by a company whose gone into administration and thistemplate letter :)
3.They expect to get approx £2000 from the sale of Breakaway Homes' assets4.Breakaway Spain Ltd still owes £1,469,002 to Breakaway Homes. BreakawaySpain has put the land in Spain (it's main asset), on the market for 2 million Euros.5.If the land sale is successful and therefore Breakaway Spain can pay the debt toBreakaway Homes in full than, Breakaway Homes would have £1,471,002 to paycreditors.
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