Trio of science businesses rescued in pre-pack deal
Advisors at Quantuma have completed a pre-pack administration sale of three Leicester-based science businesses after struggling with debt.
Sublime Science, Science Boffins, and Hatton Science Communication which operate as part of Letterbox Labs group, have been acquired by Launchpad Publishing.
Richard Easterby and Michael Kiely from Quantuma served as joint administrators and arranged the sale of the business and its assets, which will strengthen Launchpad Publishing’s offerings in children’s science experiences, including its magazine Whizz Pop Bang.
Founded in 2008, the three Letterbox Labs companies focused on making science fun for children through parties, hands-on workshops and a subscription service for science kits.
The trio generated over £1m in annual turnover but attributed their downfall to existing debts.
They had a total of eight employees, seven of whom have been transferred to the new owner by TUPE regulations.
The decision followed a notice of intention to appoint administrators filed a week earlier through the law firm Squire Patton Boggs.
Richard Easterby, joint administrator and a director at Quantuma, said: “I am delighted to have achieved such a positive outcome. The sale secures the continued trading operation of Sublime Science Ltd, Science Boffins Ltd and Hatton Science Communication Ltd and the purchaser is a great fit for the business. Our involvement sees the majority of jobs saved, the rescue of a well-established brand and an uninterrupted service for customers.”
Jenny Inglis, CEO of Launchpad Publishing, said: “We are thrilled to bring these incredible brands together under one roof. Together, we will continue to spark curiosity and inspire a love of science in children across the UK, empowering them to explore, experiment and learn in a fun and engaging way.”
