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Experts from cross-border advisory firm have completed a pre-pack administration sale of Enfield headquartered Ripmax Limited, securing the future of the business and protecting 21 jobs.
Our Restructuring and Advisory Division’s managing directors, Andrew Watling and Simon Campbell were appointed as Joint Administrators of the radio controlled model wholesaler on 12 July 2023 and completed the sale of its business and assets shortly afterwards to Amerang Limited, a connected company.
Based over four sites, including one in Germany, Ripmax is one of the UK’s leading suppliers of radio control models and accessories. With its headquarters located in Enfield, Ripmax has two large warehouses. Formed in 1949, the company has always been at the forefront of radio control and specialises in every aspect of the hobby – from aircraft and helicopters to quads, boats, cars and more. The business reported a turnover of £5m in 2021.
Simon Campbell, managing director at our Restructuring and Advisory Division, said:
“The sale is a great outcome for the company, which protects the long running established business, as well as providing it with the platform it needs to grow.
The company incurred significant challenges, including a build-up of crown debt, during the height of the pandemic, with reduced turnover throughout various lockdown periods, and squeezes on cash flow, due to the resulting high cost of importation and shipping.
I am delighted to have achieved such a positive outcome for the business, ultimately preserving jobs and a strong online business for the radio control model trade community.”
Nick Moss, CEO at Ripmax Limited, said:
“We are delighted that Amerang Limited has taken over the trade of Ripmax. For all of our Ripmax customers and suppliers, we are pleased that it will be very much ‘business as usual’. It is our plan to ensure that our well-known range of radio control models and accessories continues to be available to modellers in the UK and across Europe. We would like to thank the team for their assistance with the sale.”
