Robert Bull with his fiancee Sarah Nielsen. His network of real estate properties spanned the entire country. Photo: Arthur Edwards/News Group Newspapers Ltd
From bankrupt to billionaire to bankruptcy again, all in seven years.
Robert Bull, the bungalow magnate nicknamed 'Bob the Builder', is being pursued by creditors in just over nine months after he was named one of Britain's richest men with a fortune estimated at £1.9 billion.
Now his holiday park empire is slowly falling apart. little as those who lent money to Bull seek to repay more than £725 million in debts.
Last week, 35 of Bull's bungalows owned by Royale Life, one of his many corporations, were taken over by rival developer Ambassador Regency Group.
While the sale may have ended months of uncertainty for affected residents, there is no doubt more deals will be needed to clear debts. Bull was declared bankrupt at Southampton County Court last month.
Creditors and tenants of Bull's estate now face a nervous wait to learn their fate. As mounting debts led to the fall of Bull's empire, homeowners were left without basic services.
Robert Bull said three bank accounts in October he had only £6,000 in cash
Concerns were raised by Conservative MP Sir Christopher Chope late last year, who warned that rubbish was “bumming up” at one of Bull's sites in his constituency of Christchurch, Dorset.
Bull's network of single-storey villages were scattered across the country , including the South East and Cornwall, where its acquisition of holiday parks was backed by billions of pounds in loans.
The analysis shows that more than 30 of Bull's companies have now filed for administration or have been placed into administration, while others are involved in bitter legal battles brought by companies such as Kroll and Grant Thornton.
It happened six months later. he told The Telegraph it was “business as usual” at his company when asked why two of his firms had filed for administration.
To call Bull's fall from grace rapid is something of an understatement. Bull, 47, was the second-richest new entrant to the Sunday Times Rich List last year when it was published in May.
He comes from a family of real estate entrepreneurs – his grandfather made his fortune in caravan parks and his father was in the same business. Bull told the Times last year that he grew up “with a platinum-encrusted and diamond-encrusted spoon in his mouth” before his father went bankrupt in the 1990s.
His father, Bull Sr. , helped his son build a bungalow business after Bull Jr. himself was declared bankrupt in 2016 following a dispute with his business partner.
His second experience of insolvency was confirmed, despite Bull's latest statement. abandoned attempts to scare off creditors by offering them a £2 million lump sum payment provided to him by a “wealthy family friend”.
“I sincerely regret that the current state of my financial situation has resulted to the detriment of my creditors, and I sincerely want to do everything possible to repay my creditors and avoid the suffering of another bankruptcy,” he said. told the court.
Bull's construction empire financed his purchase of a £10 million Southampton mansion and a collection of 12 supercars
Unsurprisingly, Bull's debts exceed £700 million and his offer of £2 million was rejected.
Now bankruptcy specialists will have to dismember his assets and see where the funds can be obtained. to repay creditors, which include his business partner and ex-wife.
In the past year, Bull has not been shy about flaunting his obvious wealth. He was photographed with a fleet of sports cars in front of the huge mansion, which has a 100-foot kitchen, a three-lane ten-pin bowling alley and six two-car garages.
“I have some nice watches and I love cars and travel,” he told The Times last year. “I'm grateful, but I don't advertise it.”
However, since the bankruptcy proceedings began, Bull has tried to downplay his finances.
“I'm not currently in business and I don't earn any income. I receive financial support from my family and friends,” Bull said in a statement. “Personally, I don’t have cars. I don't have a private pension. I do not have any personal investments or savings.”
He admitted owning a Hublot Ferrari Grand Prix watch worth £15,000 before selling it back to the supplier for the same price.
Bull said three of his bank accounts included Coutts, Lloyds and HSBC , in October 2023 he had around £6,000 in cash – a figure dwarfed by a £150,000 overdraft balance.
The sharp fall in wealth led to a sharp fall in wealth. has raised questions among people close to the administration, some of whom are wondering where all the money went.
“He managed to convince many creditors, some serious ones, to provide funds to support him,” says a city source.
“Some of his businesses were operating positive, that doesn't mean they were burning money. Then the question arises: where did the money go?
“This does not mean that creditors demanded repayment of debts without a good reason.”
In Bull's statement to the court, he revealed a huge influx of funds into his business from various lenders between 2017 and 2022, culminating in Oaktree Capital Management offering him £2.8 billion. two years ago.
Ironically, it was at the height of his powers that liquidation applications first began to appear, causing alarm among creditors.
He said the problems “came to a head in the summer of 2023 when various creditors took protective action by appointing administrators at many of the group companies.”
Bull's rapid expansion has seen him “bite off more than his share,” one source said. The reality Bull faces is stark, as he admitted last month: “I am a director of a large number of companies that have either entered into creditors' voluntary liquidation or administration during 2023.
“I remain a shareholder in several companies that are not yet in formal insolvency proceedings, but are likely to be declared formally insolvent over time and are not considered to have any value.
Despite his mounting financial problems, Bull will no doubt take solace from the faith shown to him by partner Sarah over the past year. She told the Times: “I said to him, 'What's the worst that could happen?' You're losing everything, damn it. You still have me and we will start again.”
Bull's attorney has been contacted for comment.
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