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.”
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