kevin b Posted July 28, 2023 Share Posted July 28, 2023 Well at last some good news. I for one would like to wish Nick Moss all the best for taking over complete control of the Ripmax brand and hope that he succeeds in moving the company forward. As with all mature companies, there eventually has to be a "changing of the guard" for it to continue trading and when this happens it can create many issues (usually financial). It is obvious that there will be many changes, some of which may not be appreciated by shall we say "more mature" modellers but I am sure that the new (old) company will try its best to perpetuate our hobby. After all that is what we, as modellers want. There was a time when the backup service at Ripmax was second to none. I am hopeful that it will return to that level even though brand loyalty does seem to be a thing of the dim and distant past. Quote Link to comment Share on other sites More sharing options...
Peter Christy Posted July 28, 2023 Share Posted July 28, 2023 I thought Nick Moss had been in control for years...! Quote Link to comment Share on other sites More sharing options...
Nigel Dell Posted July 28, 2023 Share Posted July 28, 2023 48 minutes ago, Peter Christy said: I thought Nick Moss had been in control for years...! He has. Quote Link to comment Share on other sites More sharing options...
Kim Taylor Posted July 28, 2023 Share Posted July 28, 2023 If you look up the records, there's been a bit of 'coming and going' of directors recently. Mr Moss seems to have recently resigned as Co. Secretary but stayed on the board. The latest news is (I guess) post all of the above. Kim Quote Link to comment Share on other sites More sharing options...
kevin b Posted July 28, 2023 Author Share Posted July 28, 2023 1 hour ago, Nigel Dell said: He has. Maybe, but now it appears that he owns it (or at least 75% of it). There is a difference between running a company and owning one. Quote Link to comment Share on other sites More sharing options...
Ron Gray Posted July 28, 2023 Share Posted July 28, 2023 Rather than speculate I will wait and see how things pan out. 6 Quote Link to comment Share on other sites More sharing options...
Nigel Dell Posted July 29, 2023 Share Posted July 29, 2023 17 hours ago, kevin b said: Maybe, but now it appears that he owns it (or at least 75% of it). There is a difference between running a company and owning one. He has owned it, he owned Irvine before buying out Ripmax, I worked for him way back. There’s a difference in knowing the facts and not. Quote Link to comment Share on other sites More sharing options...
MattyB Posted July 29, 2023 Share Posted July 29, 2023 (edited) 22 hours ago, kevin b said: Well at last some good news. I for one would like to wish Nick Moss all the best for taking over complete control of the Ripmax brand and hope that he succeeds in moving the company forward. As with all mature companies, there eventually has to be a "changing of the guard" for it to continue trading and when this happens it can create many issues (usually financial). It is obvious that there will be many changes, some of which may not be appreciated by shall we say "more mature" modellers but I am sure that the new (old) company will try its best to perpetuate our hobby. After all that is what we, as modellers want. There was a time when the backup service at Ripmax was second to none. I am hopeful that it will return to that level even though brand loyalty does seem to be a thing of the dim and distant past. Can we ask where you are getting your info? There is nothing on their website or social feeds that I can find, and Google searches for Rpimax administration or Ripmax new owners just return these RCM&E threads. Thanks. PS - I am not sure I understand your comment around “brand loyalty”; Ripmax have only ever been a distributor (at least in the last few decades), they don’t make anything. Consumers can be loyal to a product brand, but not really a distributor. Edited July 29, 2023 by MattyB 1 Quote Link to comment Share on other sites More sharing options...
kevin b Posted July 29, 2023 Author Share Posted July 29, 2023 (edited) 1 hour ago, Nigel Dell said: He has owned it, he owned Irvine before buying out Ripmax, I worked for him way back. There’s a difference in knowing the facts and not. Thanks for putting me straight Nigel. I had tried to check my facts and according to the records his sole owned company took a 75% controlling interest in Ripmax in June this year. As these are all limited companies the information is freely available. Edited July 29, 2023 by kevin b Quote Link to comment Share on other sites More sharing options...
Learner Posted July 29, 2023 Share Posted July 29, 2023 14 minutes ago, MattyB said: Can we ask where you are getting your info? There is nothing on their website or social feeds that I can find, and Google searches for Rpimax administration or Ripmax new owners just return these RCM&E threads. Thanks. PS - I am not sure I understand your comment around “brand loyalty”; Ripmax have only ever been a distributor, they don’t make anything. Consumers can be loyal to a product brand, but not really a distributor. David Ashby - Moderator Posted yesterday at 08:56 An update from Ripmax via their website this morning.... Ripmax Trading Update Recently there have been changes within the Ripmax company group and Amerang Limited - one of our highly respected group companies - has taken over the trade of Ripmax. As far as Ripmax customers and suppliers are concerned, it is very much 'business as usual' and all contacts and relationships remain exactly the same. It is our plan to ensure that our well-known range of radio control models and accessories continues to be available to modellers in the UK and across Europe. Many thanks for your continued support. Nick Moss, CEO. Quote Link to comment Share on other sites More sharing options...
Nigel Dell Posted July 29, 2023 Share Posted July 29, 2023 (edited) 1 hour ago, kevin b said: Thanks for putting me straight Nigel. I had tried to check my facts and according to the records his sole owned company took a 75% controlling interest in Ripmax in June this year. As these are all limited companies the information is freely available. Hi Kevin The information is out there as you say, deciphering it all is a big job in itself, I have nothing but admiration for Nick Moss, he has been in this game for a longtime and has started with a shop and built it up to Ripmax and many other subsidiaries. It was a shock to hear this news but I have no doubt it will be as he says in his statement. Re: 75% controlling interest, could have been part of the deal set way back when he took over, I have been involved in these sort of take overs in different fields when large company purchases are arranged, I also had accountants who would suggest ways of transitioning. Anyhow, that’s Nick’s business. Edited July 29, 2023 by Nigel Dell Quote Link to comment Share on other sites More sharing options...
Pete Knight Posted August 1, 2023 Share Posted August 1, 2023 With the ever increasing decline in model shops and an increase in online shopping I think Ripmax should remodel some of the business to allow online ordering with direct postage to the customer rather than having to order via a model shop, I fully understand the need to support what model shops we have left but when your local shop might be 30 miles away is Ripmax maximising the market?? 1 Quote Link to comment Share on other sites More sharing options...
MattyB Posted August 1, 2023 Share Posted August 1, 2023 On 29/07/2023 at 09:45, Learner said: David Ashby - Moderator Posted yesterday at 08:56 An update from Ripmax via their website this morning.... Ripmax Trading Update Recently there have been changes within the Ripmax company group and Amerang Limited - one of our highly respected group companies - has taken over the trade of Ripmax. As far as Ripmax customers and suppliers are concerned, it is very much 'business as usual' and all contacts and relationships remain exactly the same. It is our plan to ensure that our well-known range of radio control models and accessories continues to be available to modellers in the UK and across Europe. Many thanks for your continued support. Nick Moss, CEO. Thanks - sorry, I was away on hols last week and had not seen that post. Quote Link to comment Share on other sites More sharing options...
Cuban8 Posted August 1, 2023 Share Posted August 1, 2023 (edited) A great pity someone can't revive Flair. Failing that, those that hold the rights to their model designs should release them to those that could do something with them. Meat and drink to Ripmax perhaps? Supporting model shops is very important - I do myself. However, the shops that I use are not local to me, but offer a first class mail order service for all my needs. A1 Models, who were local to me in Colchester, closed its doors last year. Leeds Models, KIngs Lynn Models and SMC are my favourites and are clearly aware that they need to offer the very best service offering good prices, availability and fast delivery- which they do. I'm sure others are equally switched on. Nearest 'real' outlets are Colin Bliss and Balsa Cabin, both in Maldon which is something like a thirty mile round trip for me. Only an option if I'm passing them, really. The hobby has changed and modellers' needs and expectations have changed greatly over the last twenty years, small local model shops beloved of our youth were always going to face doom rather like traditional Iron Mongers who you rarely ever see any more on the high street. Funnily enough there's still a very good one hanging on just down the road from Colin Bliss Models in Maldon. Probably another coffee joint in the waiting. Edited August 1, 2023 by Cuban8 1 Quote Link to comment Share on other sites More sharing options...
David perry 1 Posted August 1, 2023 Share Posted August 1, 2023 Maybe its " goodbye Ripmax, hello Ripmax2023." Good luck to them 1 Quote Link to comment Share on other sites More sharing options...
kc Posted August 1, 2023 Share Posted August 1, 2023 A 'Google' search ( actually I used DuckDuckGo ) produced a lot of info about Ripmax , Amerang etc. Clicking on the directors can reveal lots of other companies they were/are involved with. Some very familiar modelling company names that still seem alive, some that are dormant. Interesting and worth a look I think. Quote Link to comment Share on other sites More sharing options...
Martin Harris - Moderator Posted August 9, 2023 Share Posted August 9, 2023 Divergent posts moved to new thread. Please reserve this thread for comments regarding the original subject. Quote Link to comment Share on other sites More sharing options...
Christopher Long 1 Posted August 9, 2023 Share Posted August 9, 2023 If you look at Companies House you will see a statement of 'Affairs in Administration' which lists its assets and liabilities etc. According to the list of creditors (of which there are quite a lot) the largest are Nicholas Moss was owed around £1.1m, HMRC approximately £993,000, Futaba around £142,000! and Seneca £290,000! Realised assets are likely to be just under £600,000 and the total liabilities are around £2.6m - and the HMRC gets first dabs on any money so the rest of the creditors are owed a total of just under £1.9m (of which as said before Mr Moss is owed £1.1m). According to an accountant friend, this possibly looks like a what they call in the business a 'Pre-pack administration' in which the company is put into administration and then almost immediately purchased by arrangement by another associated company/person and the 'new company is then debt free. Totally legal, but I am not sure that the likes of Futaba would be willing to swallow such a large loss and continue to do business with the 'new' Ripmax unless they are paid what they are owed. 6 Quote Link to comment Share on other sites More sharing options...
RottenRow Posted August 9, 2023 Share Posted August 9, 2023 https://www.consultancy.uk/news/35029/pre-pack-sale-saves-jobs-at-model-retailer-ripmax The above link confirms what Christopher has stated in the post above. Brian. 1 2 Quote Link to comment Share on other sites More sharing options...
Nigel Heather Posted August 12, 2023 Share Posted August 12, 2023 On 09/08/2023 at 11:06, Christopher Long 1 said: According to an accountant friend, this possibly looks like a what they call in the business a 'Pre-pack administration' in which the company is put into administration and then almost immediately purchased by arrangement by another associated company/person and the 'new company is then debt free. Totally legal, but I am not sure that the likes of Futaba would be willing to swallow such a large loss and continue to do business with the 'new' Ripmax unless they are paid what they are owed. As you say, will be interesting to see how Futaba react to this. Would they be prepared to write off £142k and work with what is effectively the same Ripmax but under different ownership. Cheers, Nigel 2 Quote Link to comment Share on other sites More sharing options...
kc Posted August 12, 2023 Share Posted August 12, 2023 Isn't the ownership the same? 1 Quote Link to comment Share on other sites More sharing options...
Nigel Heather Posted August 13, 2023 Share Posted August 13, 2023 18 hours ago, kc said: Isn't the ownership the same? Must admit, I’ve got lost in all the speculations, but I figure there must be something significantly different about the ownership for the administration buy out leading to writing off the debts. As far as I know, a company can’t simply declare themselves bankrupt, default all the debts and then continue exactly the same. There must be something to define Ripmax 2.0 as a new company. Quote Link to comment Share on other sites More sharing options...
John Lee Posted August 13, 2023 Share Posted August 13, 2023 If you are really interested in it there is a 61 page document filed by the Administrators explaining it all. Available from Companies House (free download) here Quote Link to comment Share on other sites More sharing options...
Ace Posted August 13, 2023 Share Posted August 13, 2023 Eye watering administrator fees (up to £745ph) - I have worked in the business. 1 Quote Link to comment Share on other sites More sharing options...
Ace Posted August 14, 2023 Share Posted August 14, 2023 19 hours ago, Ace said: I have worked in the business. Realised missing a word out changed the whole emphasis - opps Should have read - I have worked in the "wrong" business 😉 1 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.