Airport transfer business Resorthoppa went into administration this month owing £8.25 million, according to administrators.
A statement of proposals by joint administrators James Saunders and Michael Lennon of KR8 Advisory confirmed the extent of the failure and warned funds are unlikely to be realised to pay preferential creditors or the full costs of administration, let alone unsecured creditors.
Resorthoppa (UK), parent company Resorthoppa and associated businesses WWTE and Move Technologies, were placed in administration on March 4 and the business and assets immediately sold in a pre-packaged administration to the newly formed Hoppa Group for £398,000. US transfer technology platform Elife Tech is the sole shareholder in Hoppa Group.
The administrators noted a pre-packaged administration “was considered the only option available”, with the directors of the group, Renaldo Scheepers and Matthew Hall, “transferred as employees to the purchaser” along with “all 17 employees”.
They added: “Aside from this, there is no connection between the purchaser and the directors, shareholders or secured creditors of the insolvent company.”
Resorthoppa (UK) emerged in November from a corporate voluntary arrangement (CVA), which allows a company to trade while administrators oversee debt repayments. It repaid £3.28 million to creditors between March 2021 and November 2024 at a rate of 75p in the pound.
However, it entered administration owing a further £8.19 million to unsecured creditors, including six-figure sums to at least 18 businesses.
KR8 Advisory was engaged on February 3 and not involved in the CVA. The administrators confirmed the failure can be traced back to the collapse of Lowcost Holidays in 2016, as reported by Travel Weekly (March 20). This proved more costly than previously thought.
Resorthoppa had been acquired from Lowcost Holidays by rival company A2B Transfers for £4.5 million in 2012. But Lowcost continued to provide a large share of business – accounting for 25% of Resorthoppa’s revenue when Lowcost collapsed in 2016, leaving “a £4.9 million bad debt”.
Resorthoppa was left with an additional £1.27 million in debt when a provider of transfers in Majorca collapsed in 2017.
The company borrowed, restructured and entered the CVA in an effort to continue, but the administrators noted: “By January 2025 it had become clear the group would be unable to continue trading without a material cash injection.”
