DUFF & PHELPS administrators have managed to sell exercise device manufacturer Power Plate to US-listed company PPI Aquisitions.
Paul Clark (pictured) and Philip Duffy, partners at Duff & Phelps, were appointed joint administrators to Power Plate on 24 September.
The business has been sold as a going concern, including all assets, to US-based private equity business PPI Acquisitions. As part of the agreement, PPI will continue to manufacture Power Plate products.
Clark said: “Duff & Phelps are pleased to confirm the sale and purchase of the company’s business and assets to PPI Acquisitions. Additionally, PPI Acquisitions has entered into an exclusive manufacturing agreement with the manufacturer of Power Plate products and will be the sole producer of the complete line of the Power Plate products.”
Power Plate, which is based in London and has been operating since 2006, had an annual turnover of about £1.7m with the leisure industry as its primary market. In recent years, the leisure industry has struggled, causing a knock-on effect at Power Plate.
Head of Editorial Kevin Reed looks at the week's news, including the BHS and Austin Reed administration, Accountex and much more.
MPs launch probe into the sale of BHS that will look at role of auditors and accountancy firms in sale process
A short moratorium will give struggling companies a chance to be open with their creditors and negotiate a way out of their problems transparently, says Sykes
Out of a dozen sectors profiled only oil and gas and manufacturing were deemed to have a higher than normal risk of insolvency