28 jobs rescued as Derbyshire business sold

Twenty-eight jobs have been saved after a firm which distributes remote control cars was sold out of administration.

The sale of Hobby Products International Europe to HPI Racing Holdings, part of the Ripmax group of companies, was brokered by joint administrators Eddie Williams and Nick Wood of Grant Thornton.

Based in Swadlincote, Derbyshire, the £20m turnover business is an importer and distributor of remote controlled cars and kits, principally under the HPI brand to the UK and worldwide.

Nick Moss, CEO of Ripmax said: “We have worked very hard to conclude this extremely complicated transaction, which will make a fantastic addition to our group of companies. HPI is a truly worldwide brand and we are really very excited at the prospect of nurturing and growing the brand and working with the very talented team at Swadlincote.”

Eddie Williams, partner at Grant Thornton’s said: “Following on from my appointment on 14th January 2016, we were able to stabilise the position and secure ongoing supplies, and subsequently received a number of expressions of interest from parties on a worldwide basis.

“The negotiations around the sale were complex and have involved reaching agreement with other worldwide group entities and suppliers in the United States and Far East. I am delighted we have concluded this transaction, which has preserved all the jobs and should deliver a positive result for the suppliers. I wish the purchaser every success.”

Legal advice to the administrators was provided by Shakespeare Martineau.

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