Amscan International and associated companies, including Ginger Ray and Christy’s by Design, have been secured following the sale of the business and its assets to Baaj Capital.
On 15 July 2024, James Clark and Will Wright of Interpath Advisory were appointed joint administrators of Amscan International Ltd, Christy’s by Design Ltd, Ginger Ray Ltd, and Party Delights Ltd. At the same time, James Clark and Howard Smith were appointed joint administrators to Wonder Group Bidco Ltd, and, on 10 July 2024, James Clark and Ryan Grant were appointed joint administrators to Amscan Holdco Ltd.
The companies are part of The Wonder Group, an international wholesaler and retailer of costume and party products headquartered in Milton Keynes with operations in markets including the USA, Germany, Sweden, Malaysia, Australia, and Hong Kong.
The group had experienced a period of underperformance in trading in the wake of a downturn in consumer spending. This underperformance was compounded by the insolvency of a major customer, Party City, in early 2023. In response, the directors sought to examine options for the group, including exploring the possibility of a sale or refinancing. However, when it became clear that a solvent outcome was not possible, the directors took the difficult decision to seek the appointment of administrators.
Following their appointment, the joint administrators sold the business and certain assets of the companies to four separate companies owned by the investment firm Baaj Capital. As part of the transaction, 133 employees based across the companies’ sites in Milton Keynes, Weybridge, Manchester, and Sheffield were transferred to the purchaser. A further 69 employees have been made redundant.
Solvent sales of the group’s Malaysian and Swedish subsidiaries were achieved, saving 635 jobs. The group’s Australian subsidiary is in receivership but continues to trade and is subject to an ongoing sale process.
James Clark, Interpath, said: “We are pleased to have concluded these transactions, which will see the UK trading entities move into the ownership of Baaj Capital.”
A spokesperson for Baaj Capital added: “We are delighted to conclude the purchase of the business of these companies in the Wonder Group and save the jobs of 133 employees in the process. We now look forward to rebuilding the business with a strong management team and new investment.”
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