Cornwall-based Brainwaves Rewards Limited (BRL), a supplier of educational equipment, has been acquired by Lancashire-based, market competitor, Primary Teaching Services Limited, for an undisclosed sum.
BRL was a family-based company that started trading in 1987 and built up a loyal base of more than 10,000 customers. It mainly supplied schools and was a market leader for many years.
However, BRL saw a gradual decline in sales over the past ten years due to government austerity measures affecting the education sector, which impacted on the company’s financial position.
As a result, the company entered a creditors’ voluntary liquidation in April 2020, at which time Jonathan Williams, Head of Restructuring at top 30 advisory firm Bishop Fleming, was appointed Liquidator.
Following a concerted marketing campaign by Bishop Fleming and negotiations with interested parties, the firm completed the sale of the company’s business and assets on 11 June 2020 to Primary Teaching Services Ltd.
The deal not only ensures the preservation of a long-standing business, but it also generates significant funds for the benefit of creditors in the liquidation.
Bishop Fleming’s Head of Restructuring, Jonathan Williams, commented: “I am delighted to have delivered this transaction to safeguard the business. The company had built up a market leading brand, and Primary Teaching Services Ltd is the ideal partner to ensure the market continues to be serviced by a key supplier. The deal also guarantees that creditors in the liquidation will benefit from substantial funds.”
Bishop Fleming provided lead advisory on the deal and was assisted by agents, Lambert Smith Hampton, and lawyers, Kitsons.
Bishop Fleming is one of the top 20 restructuring firms in the UK and its areas of expertise include: Insolvency, Restructuring, M&A Lead Advisory (disposals and acquisitions), Management Buyouts, Due Diligence, Exit Planning, Fundraising, Strategic Advisory, Strategic Board Support, Business Planning, and modelling and valuation.