Mira entered administration 'hours before sale'

Tue, 25 Aug 2015 | BUSINESS SALE

The Motor Industry Research Association (Mira) reportedly entered administration just hours before it was due to be sold.

Last month (July 2015) the association was due to be sold to Japanese firm Horiba. However, new details have revealed that the management at the automotive testing centre brought in administrators just ahead of the sale, The Leicester Mercury reported.

A sale did go through with Horiba acquiring the business and rebranding as Mira Horiba but only after Chris Pole, Will Wright and Colin Haig from KPMG were appointed as joint administrators.

It appears that the decision to bring in joint administrators from KPMG was taken in order to separate Mira's conflicting pension scheme commitments, which totalled more than £130 million.

The company's two schemes received the net proceeds of the business sale.

Horiba's interest in Mira was driven by a desire to expand its vehicle development and testing business, as well as plans to contribute to the next generation of vehicles, primarily driverless cars.

Mira was established in 1946 as a government-funded organisation to provide product design, testing and research services. It's based in the Midlands, close to other motoring businesses and Formula 1 businesses, positioning the company well for collaboration and innovation in its sector.


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