Mon, 31 Oct 2016 | ADMINISTRATION
A Leeds-based scaffolding firm which creates temporary structures for the events industry has been sold out of administration, saving the jobs of seven employees.
RIM Scaffolding Event Services, which provides scaffolding in domestic, commercial and events settings, has been acquired by the Arena Group, a global events company which provides hospitality boxes, permanent and temporary seating, and structures to corporate and event hospitality.
The deal means that RIM, founded 25 years ago, will be able to continue trading and keep its seven employees, as well as provide work for sub-contractors.
RIM has an impressive track record in supplying temporary event structures to well-known events, especially at major sports events including the Ryder Cup, Wimbledon, the Cheltenham Gold Cup and the Henley Regatta.
In 2008 the firm expanded overseas, supplying the United Arab Emirates and India and working at events including the Omega World Cup, the Dubai World Championships and the HSBC Championships in Shanghai. However, the company has been beset with cashflow problems and was placed into administration on 20 October 2016.
Its administrator, assisted by law firm Clarion, immediately completed a sale for Arena to acquire the business and its assets.
Phil Booth of Booth & Co Business Recovery & Insolvency, which managed the deal, said: “Having established a solid reputation in this niche sector, RIM Scaffolding unfortunately ran into cash flow problems.
“However, one of its customers, Arena Group, expressed interest in acquiring the company and we are confident that, as part of a larger group, the business has a bright future ahead.”
Richard Tripp of Pinsent Masons, who advised Arena, said: “With its complementary event infrastructure services, RIM Scaffolding is a great fit with the Arena Group, further strengthening the group’s offering as it continues to grow.”
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