staermose
Sr Member
Not sure where to post this or if this has been mentioned before. Jutst thought you should know. I just got a copy of this press release.
Subject: [AMD] Airfix.
Date: Thu, 31 Aug 2006 12:06:19 +0100
I have been sent the following Press Release which will be of interest to most of you. I know no more than has been published in this release so please don't ask me any questions about their future or specific kits. You know as much as I do. At the moment we have stocks of all the Airfix and Heller kits shown on our web site but as far as we know at the moment when they have gone they have gone. It's a sad day for a pioneering plastic kit company. It is being mentioned on BBC Radio 2 between now and 14.00 on a phone in programme.
PRESS RELEASE from Grant Thornton.
31 August 2006
ADMINISTRATORS APPOINTED TO HUMBROL LTD
Keith Hinds and Joe McLean from accountants Grant Thornton in Leeds were appointed Administrators on (30 August 2006) to Hull based Humbrol Ltd, the owner of the famous modelling brands Airfix and Humbrol. The Company, a distributor of model and hobby products, had suffered trading losses for several years. A new management team brought in during December 2005 to restructure the business finally had to call a halt to matters following severe cash flow pressures and disruption to supplies brought about by the insolvency of its principal manufacturing supplier Heller SA in France. Following an emergency review of the business the Administrators have today made 31 redundancies out of a total workforce of 41. Keith Hinds, Administrator, said that: "As a consequence of the uncertainty of product supply, deliveries to customers are being limited to despatches from current stock lines and ongoing trading is extremely restricted. These redundancies are unfortunately the inevitable consequence of the circumstances faed by the Company." He went on to add that 'the brand names and intellectual property of the business was potentially very valuable' and that he was 'looking to sell these to a potential investor who may be able to invest in and develop these iconic brands.'
Note to editors:
i Keith Hinds and Joe McLean of Grant Thornton UK LLP appointed Administrators on 30th of August 2006.
ii Humbrol Ltd is the principal trading business of the Hobby Products Group Ltd, which is also in administration.
iii Group turnover approximately £10 million per annum.
iv Brand names include Airfix, Humbrol, Plasticine, Supercast and Young Scientist.
v Business dates back to the Humbrol Oil Company which started in 1919 and the Airfix brand was introduced in 1949.
vi Heller SA was once a fellow subsidiary of the Hobby Products Group and as part of an earlier restructuring was sold to a separate management buyout team in May 2005.
vii Heller SA went in to the French equivalent of Administration (Redressement Judiciare) on 21st July 2006.
David Hannant.
---------------- Hannants -----------------
Phone: 00 44 (0)1502 517444 (8 lines)
Fax: 00 44 (0)1502 500521
Email: david@hannants.co.uk
Web Site: http://www.hannants.co.uk
Postal Address:
H.G.Hannant Ltd,
Harbour Road, Oulton Broad, Lowestoft,
Suffolk, NR32 3LZ, England.
Subject: [AMD] Airfix.
Date: Thu, 31 Aug 2006 12:06:19 +0100
I have been sent the following Press Release which will be of interest to most of you. I know no more than has been published in this release so please don't ask me any questions about their future or specific kits. You know as much as I do. At the moment we have stocks of all the Airfix and Heller kits shown on our web site but as far as we know at the moment when they have gone they have gone. It's a sad day for a pioneering plastic kit company. It is being mentioned on BBC Radio 2 between now and 14.00 on a phone in programme.
PRESS RELEASE from Grant Thornton.
31 August 2006
ADMINISTRATORS APPOINTED TO HUMBROL LTD
Keith Hinds and Joe McLean from accountants Grant Thornton in Leeds were appointed Administrators on (30 August 2006) to Hull based Humbrol Ltd, the owner of the famous modelling brands Airfix and Humbrol. The Company, a distributor of model and hobby products, had suffered trading losses for several years. A new management team brought in during December 2005 to restructure the business finally had to call a halt to matters following severe cash flow pressures and disruption to supplies brought about by the insolvency of its principal manufacturing supplier Heller SA in France. Following an emergency review of the business the Administrators have today made 31 redundancies out of a total workforce of 41. Keith Hinds, Administrator, said that: "As a consequence of the uncertainty of product supply, deliveries to customers are being limited to despatches from current stock lines and ongoing trading is extremely restricted. These redundancies are unfortunately the inevitable consequence of the circumstances faed by the Company." He went on to add that 'the brand names and intellectual property of the business was potentially very valuable' and that he was 'looking to sell these to a potential investor who may be able to invest in and develop these iconic brands.'
Note to editors:
i Keith Hinds and Joe McLean of Grant Thornton UK LLP appointed Administrators on 30th of August 2006.
ii Humbrol Ltd is the principal trading business of the Hobby Products Group Ltd, which is also in administration.
iii Group turnover approximately £10 million per annum.
iv Brand names include Airfix, Humbrol, Plasticine, Supercast and Young Scientist.
v Business dates back to the Humbrol Oil Company which started in 1919 and the Airfix brand was introduced in 1949.
vi Heller SA was once a fellow subsidiary of the Hobby Products Group and as part of an earlier restructuring was sold to a separate management buyout team in May 2005.
vii Heller SA went in to the French equivalent of Administration (Redressement Judiciare) on 21st July 2006.
David Hannant.
---------------- Hannants -----------------
Phone: 00 44 (0)1502 517444 (8 lines)
Fax: 00 44 (0)1502 500521
Email: david@hannants.co.uk
Web Site: http://www.hannants.co.uk
Postal Address:
H.G.Hannant Ltd,
Harbour Road, Oulton Broad, Lowestoft,
Suffolk, NR32 3LZ, England.
