Wednesday June 22, 2022

FRP secures deal to rescue business

Trident Machines, which develops and manufactures gaming machines for the leisure industry, has been acquired by its management team in a deal that has saved 69 jobs. The deal was led by our Restructuring Advisory team.

Established in 1990, Trident Machines operates from headquarters in Aylesford, near Maidstone, as well as sites in Newton Abbott and Tamworth. It supplies its products, including pool tables, jukeboxes, and digital gaming machines, to pubs, restaurants and other leisure outlets and has more than 2,000 products deployed across the country.

Ben Stanyon and Ned Ailyan from our Restructuring Advisory team were appointed as administrators to operating companies Trident Machines Limited and G Squared Games Limited in June 2022, after the business suffered from the impact of the COVID-19 pandemic on the leisure sector.

Upon appointment, the administrators secured a deal to sell the business to Star Leisure Limited, a company acquired by the management team to complete the transaction. The deal sees the transfer of all 69 employees.

Paula Hutchinson, Managing Director of Star Leisure, said: “Trident Machines has operated in the area for more than three decades and so it’s all about the incredible group of people that work so hard behind the scenes here in Aylesford. That’s why we’ve jumped at the chance to rescue the business and secure its future.”

Company Director Andrew Powell added: “I am pleased that a future has been secured for the loyal and hardworking team at Trident. My family started the business over 20 years ago and we wanted to ensure that it continued following the impact of the pandemic, which the team at FRP managed to achieve. We will continue to support Paula, Sue and Nick on the other side and wish them every success.”

Ben Stanyon, Director in our Restructuring Advisory team and Joint Administrator, said: “There are so many fundamentally sound businesses that have suffered from the pandemic and, with restructuring, can look to regain their momentum. We’re thrilled to have completed a deal that will keep Trident Machines trading and put it in the hands of its management team and employees. We wish Paula and the team all the best.”