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The company had previously generated an annual turnover of more than £16million before running into financial difficulties
A UK holiday home manufacturer has collapsed into administration, leaving around 80 workers without jobs.
The failure comes despite the business previously building an £11million order book as demand for its holiday homes and luxury lodges grew.
Hull-based Sunseeker Holiday Homes Ltd had already stopped trading before Frazer Ulrick, of Westgates Restructuring, was formally appointed as administrator on September 7.
The company had been battling mounting financial pressure and cash flow problems before its collapse.
Its Hull manufacturing facility has since been largely mothballed, although efforts are under way to find a buyer for both the site and the Sunseeker Holiday Homes brand.
Founded in March 2019, the company designed and manufactured static holiday homes and luxury leisure lodges for holiday parks across the UK.
The business initially enjoyed strong growth, building an order book worth around £11million and expanding its manufacturing capacity to meet demand.
At its height, the business was turning over in excess of £16million annually. Its website describes the company as being "at the heart of the holiday home and lodge market," with models "designed to deliver a lifetime of happy memories for generations to come."
After more than seven years of trading, however, the firm was unable to sustain that trajectory.
The company's downfall was driven by cash flow difficulties stemming from escalating costs, the burden of funding stock, and the weight of wage and salary obligations.
Payment terms also placed considerable strain on the business's finances.
Compounding these internal pressures was fierce competition from larger, more established rivals in the holiday home sector.
These bigger manufacturers, which held sufficient financial reserves, were offloading their existing stock at a marginal loss.
That aggressive pricing strategy from competitors made it increasingly difficult for a younger firm like Sunseeker to maintain its market position.
The combination of rising operational expenses and being undercut on price proved insurmountable for the business, which had been trading for just over seven years before its collapse.
Agent Hilco has been appointed to oversee a sales process for the business's assets.
The aim is to find a buyer for what is described as a ready-made modular manufacturing site, along with the Sunseeker Holiday Homes brand name.
The Hull facility, which has sat largely idle since the company ceased operations, could represent an attractive proposition for a purchaser looking to acquire an established production base without the cost of building from scratch.
Any prospective buyer would also gain access to a brand that, at its peak, commanded a significant presence in the UK holiday home and lodge market.
The outcome of Hilco's sales process will determine whether the Sunseeker name lives on under new ownership or disappears from the sector entirely.
