The business and assets of toy and hobby products wholesaler Amerang, part of the Modelzone Group, has been purchased by Ripmax Limited through the newly incorporated company Pinehurst 104 Limited.
The company will continue to trade under the Amerang name and the sale will see all remaining 18 staff at Amerang transfer to the new company.
Ripmax is a competitor in the sector and the sale ensures Amerang continues as a going concern.
“We are delighted to have secured a buyer for Amerang, which continues to be an attractive brand given the strength of its customer and supplier base and its reputation in the market,” said Richard Hawes, Joint Administrator.
Last week the Administrators announced proposals to implement a store closure programme for Modelzone’s 47 retail stores.