Resorthoppa had just £343k in assets at time of March failure

Airport transfer provider Resorthoppa failed in March with just £343,000 in assets and owing unsecured creditors £8.2 million, the statement of affairs filed by owner and director Renaldo Scheepers has confirmed.

Resorthoppa (UK) and associated companies went into administration following a ‘pre-packaged sale’ for £398,000 to the newly formed Hoppa Group, set up in February as a Special Purchase Vehicle (SPV) by California-registered transfer technology platform Elife Tech.

Company directors Scheepers and Matthew Hall transferred to the new group along with other employees.
Resorthoppa had only emerged from a corporate voluntary arrangement (CVA) administered by a court in November after repaying £3.28 million to creditors.

More: Analysis: Resorthoppa brought low by liquidation of Lowcost Travel Group

Resorthoppa went into liquidation owing £8.25m, say administrators

The failed company’s debts include six-figure sums owed to 18 destination transport providers among the 471 unsecured creditors, including £485,000 owed to a company in Majorca, £377,000 to a Costa Blanca firm and £304,000 to a Tenerife-based business.

Administrators James Saunders and Michael Lennon of KR8 Advisory previously warned there would be insufficient funds to pay preferential creditors or even the full costs of administration, let alone unsecured creditors.

KR8 Advisory conducted the pre-pack sale, describing it as “the only option” and noting it allowed the transfer of employees and the lease on the premises; however, KR8 was not involved in the earlier CVA.

Saunders, KR8 Advisory managing director, explained: “It’s normal for an SPV to negotiate and acquire the business and assets of a company in administration. The process was in accordance with mandatory best practice guidelines and statute, and subject to external regulatory scrutiny.”

However, the sale left creditors angry and a group considering legal action, arguing it “constitutes phoenix activity, given the brand, staff and platform continuity” (Travel Weekly, April 17).

Hoppa Group confirmed in July that it operates from Resorthoppa’s former premises in Woking.

The administrators confirmed the failure can be traced back to the collapse of Lowcostholidays in 2016. Resorthoppa had been acquired from Lowcostholidays in 2012 by A2B Transfers, which rebranded as Resorthoppa, but Lowcost continued to provide a significant proportion of its business and left the company with £4.9 million in bad debt when it collapsed. Hoppa parent Elife Tech did not respond to requests for comment.