Party goes on as event supplier sold out of administration

A LEEDS event supplier has been bought out of administration by the Arena Group.

25 year-old RIM Scaffolding Event Services, which creates temporary structures for sporting and golf tournaments, worked on events including the Ryder Cup, Wimbledon, the Henley Regatta and Cheltenham Gold Cup.

It was placed into administration on 20 October 2016. Administrator Phil Booth of Wakefield-based Booth & Co Business Recovery & Insolvency negotiated the Arena Group deal with the help of Ryan Millmore from Clarion.

International event design business the Arena Event Services Group was previously a client of RIM and its acquisition of the contractor saved seven jobs.

Arena Group was advised by Richard Tripp of Pinsent Masons. It is headquartered in London and made £56m in revenues last year.

In 2008, it expanded its events business into the UAE, China and India and created structures at events including the Omega World Cup, the Dubai World Championships and the HSBC Mens Championship in Shanghai.

However administrators said it ran into “cash flow problems” which made it unsustainable.

Administrator Phil Booth of Booth & Co commented: “Having established a solid reputation in this niche sector, RIM Scaffolding unfortunately ran into cash flow problems. However, one of its customers, Arena Group, expressed interest in acquiring the company and we are confident that, as part of a larger group, the business has a bright future ahead.”

Ryan Millmore of Clarion, said: “As ever, it was vital to act swiftly to protect the value of this well-established business and as a result of the sale, it is now in a stronger position to trade going forward.”

Richard Tripp of Pinsent Masons added: “With its complementary event infrastructure services, RIM Scaffolding is a great fit with the Arena Group, further strengthening the group’s offering as it continues to grow.”