HMC Health & Beauty
HMC Health & Beauty was founded in 2000, and operates from a 42,000sq ft site in Thetford, Norfolk. The business manufactures a wide range of toiletries and personal care products.
The Problem
The problems for HMC started in 2013, following the loss of a significant customer after it was acquired by a competitor. Despite developing relationships with new customers, the company still suffered severe trading losses, which added to increasing creditor pressure and their first experience of bad debt, the business was unsustainable.
The Solution
HMC Health & Beauty sought professional advice from Julian Pitts at Real Business Rescue (part of the Begbies Traynor Group), and following an accelerated marketing exercise, the company was subsequently placed into administration.
The Result
Following HMC Health & Beauty being placed into administration on 4 May 2016, a pre-pack sale to an unconnected third party was achieved. The business, including its assets, was bought by Prestige Personal Care Ltd, who are the owners of a number of other businesses in the cosmetics and toiletries industry. Local councilors and residents expressed their delight at the sale and the subsequent saving of 110 jobs.
“ It is very good news that HMC Health & Beauty has been acquired as a going concern by a purchaser with a strong track record in the sector. Not only does it mean that the business will continue to trade, safeguarding the livelihoods of the staff, but it also puts it on a more secure footing for the future. ”Julian Pitts, Regional Managing Partner
In the Press
Free Guide for Limited Company Directors
Business Rescue Advice for Directors
- How to manage company cash flow problems
- Advice on dealing with HMRC
- Understanding rescue and closure options
- And much more...
Business Rescue Guide for Accountants
Dealing with your Insolvent Clients
- Helping you advise insolvent clients
- Spotting signs of client distress
- Exploring business rescue options
- And much more...
