Pre-pack sale saves jobs at model retailer Ripmax

07 August 2023 Consultancy.uk 2 min. read
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Online model retailer Ripmax has been sold out of administration, protecting more than 20 jobs. The sale was overseen by administrators from restructuring specialist Quantuma.

Formed in 1949, Ripmax has spent more than seven decades supplying radio control models to hobbyists around the world – from aircraft and helicopters to quads, boats, cars and more. Ripmax is one of the UK's leading suppliers of radio control models and accessories, but one of its four sites is also in Germany, giving its products a European reach.

In 2013, this positioning enabled the firm to purchase Amerang – a wholesale business owned by ModelZone – when its competitor collapsed into administration. While sales seem to have remained healthy - the business reported a turnover of £5 million in 2021 – Ripmax fell into its own administration in July 2023.

Pre-pack sale saves jobs at model retailer Ripmax

The company had reportedly 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, the firm appointed experts from Quantuma to weigh up its options.

Fortunately, a cross-border advisory team from Quantuma was able to complete a pre-pack administration sale of the Enfield headquartered firm. Quantuma managing directors Andrew Watling and Simon Campbell were able to sell the business and assets to Amerang – still a connected company – securing 21 jobs in the process.

Campbell commented, "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. 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.”

The deal also ensures continuity for all Ripmax customers and suppliers, who CEO Nick Moss said would continue to enjoy “business as usual”. Looking ahead, the firm hopes to use the opportunity to plot a new course for growth across the continent.

“We are delighted that Amerang has taken over the trade of Ripmax,” Moss continued. “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 at Quantuma for their assistance with the sale.”