Retallack Resort in Cornwall goes into administration
A Cornish holiday resort with accommodation for more than 500 people has gone into administration.
Owners of the £25m Retallack Resort near Wadebridge, blamed "the current recession".
Accountancy firm BDO are acting as joint administrators for Retallack Lettings which has been developing the site since 2006.
BDO said the resort was still operating as normal and no decision had been made on its 20 staff.
Retallack director Amy Keyter said: "Like everyone in the industry we have been facing a number of challenges with the current recession.
"However as a company we are determined to meet this all head on, hence us asking BDO to act as administrators to give the breathing space to take the business forward."
She said that the half-term period had been "amazing" with the resort 98% full.
The resort's spa, gym and Flowrider artificial surfing machine were still open.
Co-director Jason Keyter said the firm was "refining a number of our business systems and processes" to make the resort "as streamlined and efficient as possible".
Administrator Simon Girling said: "The focus of our actions is to make sure the business is in strong and efficient shape and for us to work together to plan the most successful future for the business."