Una St Ives at Carbis Bay has gone into administration

Una St Ives has now gone bust
-Credit: (Image: Adj Brown)


A Cornish luxury resort has gone bust leaving staff uncertain about their future and investors facing possible financial ruin. Una St Ives in Carbis Bay has announced it has gone into administration. Richard Lewis and Alistair Wardell, of Grant Thornton UK LLP accountancy firm, have now been appointed as joint administrators of Kingfisher Una Resort Limited, the company running Una St Ives.

CornwallLive reported this week how investors were worried and the company admitted to financial problems. Now, in a statement on the company's website, among the glamorous drone shots of the pool and spa and the videos of happy holidaymakers having a good time at the west Cornwall's resort, the administrators have posted a grimmer statement. It reads: "Kingfisher Una Resort Limited – in Administration (the Company). Richard Lewis and Alistair Wardell of Grant Thornton UK LLP were appointed as Joint Administrators of the Company on 24 October 2024.

"The Company’s business ceased on to trade on appointment including all future guest bookings being cancelled. The Joint Administrators’ staff are attempting to contact all parties which have made reservations to confirm the bookings can no longer proceed.

"If you are a creditor, you will receive formal notification from the Joint Administrators of their appointment with details of how to claim the amounts you are owed." The news is not yet official on Companies House but it can take several days to appear.

The administrators also confirmed that while the company Kingfisher Una Resort Limited has gone bust, the resort itself will continue to trade - albeit in a more limited form for now - as the assets that makes money such as the leisure facilities, including the restaurant, pools, gym and spa are now owned by a separate company called Carbis Club Limited.

Carbis Club Limited, like Kingfisher Una Resort Limited, is owned by Kingfisher Resorts St Ives Ltd. The umbrella firm also owns Una St Ives Homes Ltd, Kingfisher Resorts Meudon Limited, Meudon Vean Limited and Una St Ives Ltd.

One investor who contacted CornwallLive earlier this week said Carbis Club Limited was set up in December 2023 and was loaded with all the assets belonging to Kingfisher Una Resort Limited a few months ago. He told us he feared the company with whom he has a contract for a 'luxury' villa would go bust and he and many others would be left with nothing. His worries have now become a reality. There is no suggestion of illegality.

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The parent company has four directors - Nigel Chapman, Anthony Nares, Robin Chamberlayne and Nigel Street. Mr Chapman and Mr Nares are also directors of Kingfisher Una Resort Ltd, Una St Ives Homes Ltd, Meudon Vean Limited and Carbis Club Limited. All four of them are also directors of Kingfisher Resorts Meudon Limited.

When we approached the directors about the investors' concerns and why the work on the current phase of expansion including many new villas had stalled, Mr Chapman confirmed that the company was experiencing some "funding pressures".

At the time he said: "We can confirm that the business is experiencing some funding pressures and that the directors are working through all possible options in conjunction with our professional advisors. In this regard, the directors and the business are fully aware of their duties to creditors. They have acted, and will continue to act, in accordance with those duties."

READ MORE: Una St Ives workers sacked and told they 'won't get paid' wages owed

READ MORE: Una St Ives review: what it was like before it went bust

Mr Chapman is a director of 23 interconnected companies while Mr Nares is a director of 20 companies.

The investor who contacted us about the uncertain future he feared for Una St Ives and his investment said Kingfisher Una Resort Limited told investors like himself that they have no money and needed a cash injection of £5 million to complete phase A and C. He said they stopped the rental payments to lodges and villa owners who paid up front.

Earlier this week he said: "At the very least Kingfisher Una Resort Limited, as our agent, should be sitting on a significant sum of money. If we average the sale cost at £500,000, less £140,000 for the lease premium, and times that by 17 owners who paid up front then take 50 per cent of it - we have more than £3 million. So where is the money? If Kingfisher Una Resort Limited, as our agent, spent the money on something other than the build of the villas that they held the money for, what has it been spent on?"

The investor, who stands to lose between £500,000 and £600,000, believes that Kingfisher Una Resort Limited was purposefully stripped of all assets of value apart from the roads leading to the existing lodges and the development land with the part built villas, including his.

He added: "A suspicious mind would wonder if Kingfisher Una Resort Limited was deliberately being set up for liquidation by removing the valuable assets." About his fears becoming true and the company going bust, he said he was too distraught at the moment to comment.

In their statement, joint-administrators Mr Lewis and Mr Wardell added: "We should note that according to the company’s records the property at Una St Ives, which is comprised of the leisure facility (including the pools, gym, spa and restaurant) is owned by Carbis Club Limited (“CCL”) and not the company. We understand the directors of CCL are intending to trade the leisure facilities on a limited basis.

"The remaining freehold land and property at Una St Ives, aside from completed lodges, villas and plots that are privately owned, are owned by the Company and will be marketed for sale by the Joint Administrators agents, Lambert Smith Hampton. Please contact RBassett@lsh.co.uk if you are an interested party.

"The affairs, business and property of the company are being managed by the joint administrators who act as agents of the Company and without personal liability. Richard Lewis and Alistair Wardell are authorised by the Insolvency Practitioners Association to act as insolvency practitioners."

On the Anything Hayle Facebook group, which has more than 18,000 members, many people have commented that staff have not received their wages this month with others saying that some of them have lost their jobs too.

An A4 sheet of paper was tacked to the doors of the resort yesterday (Thursday, October 24), the day the company went bust. In the letter which has also been sent to Una St Ives members, resort manager James Hemming said: "Dear member, It is with the upmost [sic] regret that I am having to write to inform you that the board of directors for the development and accommodation focused part of Una St Ives, Kingfisher Una Resort Ltd (KURL) has, today, appointed Grant Thornton as administrators.

"This action unfortunately results in the closure of several operational elements of the resort, including the letting of accommodation and the opening of Una Kitchen in its present form. Your membership for the leisure club at Una St Ives operates under the company name Carbis Club Ltd and is not impacted by the administration of KURL.

"It is expected that the leisure club and spa operation will continue as normal, as well as running a café style offering in the bar area. We will be making plans over the next 24hrs in order to ensure that our health and safety obligations are met, and staffing is secured in order to maintain safe operation. In order to allow us a little time to arrange staffing etc the leisure club will close with immediate effect (4.00pm on Thursday 24th October).

"We are hoping to reopen at Noon on Monday 28th October, however I will write to you again over the weekend, to confirm this. I personally appreciate your patience and understanding during this very difficult time."

We have asked the directors for a comment on the situation. We have also asked Mr Hemming to confirm how many members of staff have lost their jobs if at all. The administrators are asking anyone with queries to email cmusupport@uk.gt.com

If you have been affected by Una going bust and want to share your experience or want our help trying to get answers please contact us at cornwalllive@reachplc.com

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