Derbyshire remote controlled car firm sold to rival

Wed, 01 Jun 2016 | BUSINESS SALE

A Derbyshire-based firm that imports and distributes remote controlled cars, kits and parts has been sold to a rival UK company, reports the Derby Telegraph.

Hobby Products International Europe, which is based in Swadlincote, entered administration in January 2016, as deals with key suppliers around the world went south. At the time of calling in the administrators, the company cited that they had been experiencing “significant and urgent funding issues” related to these suppliers.

The company appointed joint administrators from financial advisory group Grant Thornton to take care of the next stages. Now Eddie Williams and Nick Wood of Grant Thornton have secured a deal with rival company HPI Racing Holdings, which is part of the Ripmax group of businesses. The amount of money paid to secure Hobby Products International Europe, which employs 28 staff and has a turnover of around £20 million, was not disclosed.

Joint administrator Eddie Williams said of the deal: “I'm delighted we have concluded this transaction, which has preserved all the jobs and should deliver a positive result for the suppliers. I wish the purchaser every success."

Nick Moss, the chief executive of Ripmax, the holding company and new owner of Hobby Products International Europe, added: “We have worked very hard to conclude this extremely complicated transaction, which will make a fantastic addition to our group of companies.

“Hobby Products International Europe is a truly worldwide brand and we are really very excited at the prospect of nurturing and growing the brand and working with the very talented team at Swadlincote.”

For more information about making your own purchases, see the Business Sale Report guide on what to look out for when buying a business.


Share this article



Latest Businesses for Sale

Bills of Quantities & Other Costing Documents to Construction Sector
UK Wide

Strong second-tier management team. Operates from two freehold premises. Offered for sale to facilitate continued growth under the impetus of a new owner. Offers invited.

Asking Price: Offers Invited
Turnover: £561,000

FREEHOLD


Licensed Restaurant
Kent, South East, UK

The spacious property is a Grade II listed building and was built in approximately 1470's. Excellent trading position, in a sought after location.Business has been in the same hands for the past 18 years with genuine reasons for sale. Substantial loa...

Asking Price: £195,000
Turnover: £480,000

LEASEHOLD


Historic Brewery & Pub
Suffolk, UK Wide

A rare opportunity to purchase a micro-brewery and public house with a loyal local, regional and national following. Established more than 200 years ago to supply quality ales to the community of this market town, the brewery and pub continues the tr...

Asking Price: £749,950
Turnover: £816,510

FREEHOLD



View more businesses for sale

News Search

Latest News

 
21
 
Feb
 

Street food catering firm seeks buyer after entering administration | ADMINISTRATION

Shrewsbury-based catering company MPM Catering has entered a...

 
20
 
Feb
 

Heycar acquires HonestJohn.co.uk following administration | BUSINESS SALE

Online used car service Heycar has purchased the independent...

 
19
 
Feb
 

On-demand laundry app snapped up after administration | BUSINESS SALE

Laundrapp, an on-demand laundry service which was touted as ...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources