Billionaire Bungalow Tycoon Bob the Builder Is in Bankruptcy

RoyaleLife boss Robert Bull debuted on the Sunday Times rich list in May, with an estimated net worth of nearly £2bn

Bungalow of the billionaire mogul was embroiled in bankruptcy proceedings amid allegations of unpaid debts.

Robert Bull, who recently emerged from nowhere to become one of Britain's richest men, has given some of his imperial property to management, according to the Telegraph, one of the largest the country's private investors listed on the stock exchange.

Mr. Bull contested the lawsuit, saying it was «based on false allegations and unsubstantiated information.»

Nicknamed «Bob, billionaire bungalow builder,” Mr. Bull was a new addition to the Sunday Times rich list. last month, his net worth was estimated at nearly £2 billion.

RoyaleLife, the company he co-founded, claims to be the UK's largest bungalow provider and Mr Bull has built his business by transforming caravan parks around the world. country into one-story villages.

However, court documents show that there have been numerous insolvency suits filed against companies run by Bull in recent months.

Bull's father and grandfather ran a successful motorhome parking business, his own ventures focusing on converting parks into cottage communities.

The latest incident occurred last week when the city's law firm, DLA Piper, was handling Mr. Bull's real estate business, Time Group Holdings. Limited, with petition for liquidation.

This happened after a petition to liquidate HM Revenue & Customs at the end of last year.

RoyaleLife, meanwhile, has appointed the administrator of ICG-Longbow Senior Secured UK Property Debt Investments, a debt fund managed by a subsidiary of Intermediate Capital Group, a £4bn FTSE 250 Investor listed on the London Stock Exchange.

ICG spokesperson Longbow said: «We have appointed administrators in connection with our investment in RoyaleLife.

“Our principal debt is to our funds and their investors, and it was a prudent action to protect the interests of the company after a third-party lender filed a liquidation petition against the loan borrowers.”

Mr. Bull, Executive Chairman RoyaleGroup, said: «Like many companies, we have gone through a difficult time since the pandemic and as an organization we have been subject to liquidation orders based on false claims and unsubstantiated information.

«They are either rejected or against them a court case has been initiated.

“More than 200 legal entities are part of the RoyaleGroup and they remain in force. So I want to reassure our sponsors, suppliers, residents and employees that everything is going on as usual.” Mr Bull's construction empire has funded the purchase of a £10m mansion in Southampton and a collection of 12 supercars

This row threatens to overshadow the rags-to-riches story that helped Mr Bull gain rave press coverage of his life story.< /p>

Mr. Bull was «born with a spoon encrusted with platinum and diamonds.» in my mouth,” according to a newspaper article in May.

He said, “My three sisters and I were raised with everything we could wish for. My grandfather started building RV parks in 1945 and all of his children, including my father, went into the same business that grew into the modular bungalows we supply today.”

His father continued the family business until he “lost everything during the banking crisis of the 1990s.”

Mr. Bull then rebuilt the empire and, with his business partner, founded the second largest caravan group in the UK. However, in 2016 the company ran into problems and was declared bankrupt, reportedly due to debts totaling £3.5 million.

After a period of ill health, the entrepreneur conceived the idea of ​​converting the caravan parks into villages bungalow. He offered property to aging Britons looking to downsize.

RoyaleLife is building 64 bungalow complexes with 40 more planned. A spokesperson for the company said it was «recapitalizing the business with the goal of installing 1,000 new bungalows across the UK starting later this year.»

Mr Bull's return to success has allowed him to enjoy luxury trappings such as a value mansion £10 million in Southampton. It features a 100-foot kitchen, a three-lane bowling alley and six double garages housing a collection of 12 £4 million supercars.