Andrew Watling and Carl Jackson advise on the sale of marine and aviation clothing supplier, Miller Rayner Ltd
Business advisory firm Quantuma has advised on the sale of marine and aviation clothing supplier, Miller Rayner Ltd, to TW Kempton (Corporate Clothing) Ltd, in a deal that saves the 200-year-old business and the jobs of its 7 employees.
Established in 1818, Miller Rayner supplies clothing to marine, aviation and land-based companies worldwide. The Southampton-headquartered outfitter services major commercial cruise shipping companies and airlines, including the British Merchant Navy, Carnival UK, P&O, HM Coastguard, Fred Olsen Cruise Lines, Saga Shipping and Trinity House. The company notably manufactured crew uniforms for White Star Line’s Titanic and Olympic Class.
Quantuma partners Andrew Watling and Carl Jackson were appointed administrators to the company on 25 October 2018, and immediately completed a pre-pack sale of the business and assets to TW Kempton (Corporate Clothing) Ltd.
The appointment followed the company’s loss of a large contract due to particular disputes arising during the contract period, which resulted in significant cash flow difficulties.
Andrew Watling said: “Due to a combination of market pressures and the loss of a significant contract, the company found itself in a particularly challenging situation. By seeking our expertise at an early stage, the directors ensured that we were able to assist them in considering whether alternative strategies, such as seeking further investment or borrowing, would be feasible. Following a detailed review of the case, it was found that a pre-pack sale was the only available option for the company.
“To achieve the sale, we worked with appointed agent SIA to undertake an accelerated marketing campaign, which commenced in early October. This resulted in the successful sale to TW Kempton, which is itself a business with 75 years of history behind it, safeguarding seven jobs and representing the best outcome to creditors. We are pleased to have been able to save such an established business.”
A pre-pack administration is an insolvency procedure whereby a sale of assets in an insolvent company is agreed with a buyer before the appointment of administrators, who complete the sale.
Rebecca Thomas, MC2
0161 236 1352
Notes to Editors
Quantuma is a leading business advisory firm which works with businesses at the key milestones, delivering partner led solutions to help clients take advantage of opportunities and overcome a range of operational and financial challenges, enabling them to achieve their business objectives and ambitions. Offices in London, Southampton, Marlow, Watford, Brighton, Birmingham, Bristol, Manchester, Ringwood and Weymouth. In July 2018, the firm opened two international offices in Cyprus (Nicosia and Paphos).