Joint Administrators, Michael Solomons and Andrew Pear, of BM Advisory LLP, the specialist restructuring, recovery and insolvency firm, have successfully concluded the sale of the UK business and assets of Tough Mudder Ltd to a UK arm of Spartan Race Inc. The Administrators have been working with leading law firm, Penningtons Manches Cooper, to preserve the renowned obstacle and mud race business.
The deal, which concluded today, ensures all jobs are saved in the UK and the scheduled 2020 season events will go ahead.
“We’re proud to welcome Tough Mudder UK to the Spartan brand umbrella,” said Spartan Founder and CEO Joe De Sena. “The company’s dedicated team has built an incredible, passionate community and we’re excited to support their efforts to transform lives.”
The UK business of Tough Mudder will now operate as a wholly owned subsidiary of Spartan. The company will be operated by the existing UK London-based management team, led by Managing Director Giles Chater and global CEO Kyle McLaughlin. The Germany subsidiary of Tough Mudder Ltd will continue to operate from the UK office as a potential acquisition is discussed.
“Spartan’s dedication to obstacle course races, transformation and community is exactly what we need to persevere and we could not be happier with the acquisition,” said McLaughlin. “We’ve been impressed with strong sales in Europe over the past couple weeks and know that our community will share our excitement over the news heading into the 2020 Tough Mudder race season.”
The Administrator Michael Solomons said: “We are very pleased to have achieved a sale that preserves the future of the Tough Mudder brand and enables the business to move forward with plans to deliver on its existing 2020 European calendar, for which a significant number of tickets have already been purchased by the loyal Tough Mudder community.”
Matthew Martin, partner and head of the corporate team at Penningtons Manches Cooper, said: “We’re delighted to have assisted the Administrators reach a deal with Spartan that ensures the much-loved Tough Mudder brand continues to thrive in the UK. It has been a pleasure to work with BM Advisory and the Spartan team and we wish the combined business every success in the future.”