A Leeds-based business which creates temporary structures for the events industry, particularly for major golf tournaments, has been sold out of administration to the Arena Group in a deal negotiated by Phil Booth of Booth & Co Business Recovery & Insolvency in Wakefield.
Founded 25 years ago, RIM Scaffolding Event Services operates in the events industry in both the UK and internationally. The company has established a list of high quality clients, designing and building structures at many high profile national events such as the Ryder Cup, Wimbledon, the Cheltenham Gold Cup and the Henley Regatta. In 2008, it expanded its events business into the UAE, China and India and has since created structures at prestigious events including the Omega World Cup, the Dubai World Championships and the HSBC Mens Championship in Shanghai.
RIM Scaffolding Event Services was placed into administration on 20 October 2016 and the administrator, assisted by Ryan Millmore of Clarion, immediately completed a sale for its business and assets to Arena Event Services Group Ltd, a customer of RIM Scaffolding. Arena Group is an international event design and delivery business, specialising in the design and delivery of temporary events including the provision of temporary event equipment such as structures, seating and interiors for prestigious sporting and cultural events around the world.
Arena Group was advised by Richard Tripp of Pinsent Masons.
The deal has not only enabled the business to continue trading, but has also saved the jobs of its seven employees and work for its sub-contractors as well as providing the best return for creditors.
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.”
For further press information, please contact: Susan Reid on (01423) 56 99 99 or email@example.com