Thu, 06 Feb 2020 | ADMINISTRATION
Endurance events company Tough Mudder has gone into administration, appointing BM Advisory LLP, and is looking to sell its business and assets, including the company’s wholly owned subsidiary Tough Mudder GmbH, as a going concern.
According to a statement released on the company’s website, Michael Solomons and Andrew Pear of BM Advisory were appointed to act as joint administrators for the business on January 24th 2020.
Tough Mudder offers a range of endurance challenges, including 5k challenges and a 24-hour endurance course. It has held over 355 events with over 4 million participants.
It works with a number of charities and has a five-year partnership with Help for Heroes, for which it has raised in excess of £3 million.
The company will continue to trade as normal, with all scheduled UK and Germany events this year set to go ahead. Events in the US and Canada, however, are subject to court proceedings.
Tickets for 2020 events remain valid, while any further tickets purchased during the administration will be subject to the company’s refund policy, should that event be cancelled.
BM Advisory will contact all known creditors in order to advise them of the appointment and to provide the necessary documentation.
2020 is the group’s tenth anniversary and it has several major UK events scheduled for this year, with the next to take place on 17th and 18th April in Finsbury Park, London.
Tough Mudder Ltd’s accounts for the year ending December 31st 2017 show it generating turnover of £15.9 million and gross profit of £5.1 million.
Gordon Brothers, working on behalf of BM Advisory, describe the company as a “well-known endurance events business” and say there is an opportunity to acquire Tough Mudder’s tangible assets and some of its intellectual property, including customer list and websites.
A dedicated email, tm@bm-advisory.com, has been set up for those looking to contact the administrators.
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