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.
View other businesses for sale.
This unique business excels in the import and distribution of hairpieces across diverse sales channels, boasting a vast product range designed to look natural for all customer segments. With strong supplier relationships and a multifaceted sales stra...
This established business is a leading provider of customised boiler analysis systems, boasting strong, long-term relationships with prestigious clients in the power, refinery, and defence sectors. With a talented team and a solid presence in interna...
This business offers a strategic position as a UK agent for a renowned recycling machinery manufacturer, serving a robust client base that includes international blue-chip organisations. With opportunities for expansion into new sectors and a fully r...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.