Michael Solomons and Andrew Pear of Beavis Morgan group business BM Advisory LLP, the specialist restructuring, recovery and insolvency firm, were appointed as Joint Administrators of Tough Mudder Ltd on 24 January 2020.
The Administrators are continuing to trade the business with a view to selling the business and assets, including its wholly owned German subsidiary, Tough Mudder GmbH, as a going concern.
Spartan Race has generously supported Tough Mudder’s administration process with the necessary funding required to resume trading. The Joint Administrators have engaged both Giles Chater and Kyle McLaughlin, formerly of the Tough Mudder Ltd management team, to support the business going forward whilst a sale is achieved. Under the Administrators, ticket sales are planned to re-open mid-week.
Michael Solomons of BM Advisory commented: “Tough Mudder has a very strong brand and presence in the obstacle race industry. I am confident that a sale of the business will be achieved shortly and envisage that a purchaser will move forward with plans to deliver all existing events in the 2020 European calendar.”
Similar proceedings are underway in Tough Mudder’s US and Canadian entities. Events in other countries are not currently impacted.
Parties interested in purchasing the business and assets of Tough Mudder Ltd should contact Bryn Carroll of Gordon Brothers on 020 7647 5141 or bcarroll@gordonbrothers.com.
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