Today’s news in brief – 13/11/2024
RMT Accountants has acquired KSA Group, a restructuring firm, marking its third acquisition under the Sumer Group, a network for mid-market accountancy firms serving SMEs. The acquisition strengthens RMT’s presence in business recovery and insolvency. KSA’s 15-person team, including four directors and two licensed insolvency practitioners, will stay on, with Chris Ferguson leading the combined restructuring team. Ferguson highlighted KSA’s expertise in supporting businesses, complementing RMT’s services. KSA founder Keith Steven noted the benefits of joining Sumer Group, enabling continuity for KSA’s team and expanding support for struggling businesses with new growth opportunities.
Kreston Reeves advised Revolution, a US sports marketing agency, on acquiring UK-based WePlay. Completed in September, the acquisition integrates WePlay into Revolution, strengthening its UK and EMEA presence and expanding its reach in fan engagement and monetization. Known for generating $400 million in new revenue for global clients, WePlay’s client list includes UEFA, Paris Saint-Germain, and UFC. Led by Kreston Reeves’ Corporate Finance director Craig Dallender, the acquisition furthers Revolution’s international strategy. Revolution CEO John Rowady and WePlay CEO Luca Massaro expressed excitement, emphasising the partnership’s potential for client growth and expanded sports marketing capabilities.
Quantuma’s Nick Simmonds and Chris Newell have been appointed as administrators for Vitrine Systems, a UK-based architectural glazing specialist. The administration follows Vitrine’s insolvency due to significant financial challenges, including a bad debt stemming from the ISG administration, which impacted its project pipeline. Established in 1995, Vitrine reported a turnover of £8.8 million in 2023 but had to cease trading, leading to 23 job losses. Simmonds expressed regret over the closure and noted that Quantuma’s immediate focus is on supporting affected employees and maximising asset value for creditors, with certain assets already rebranded under Vitrine Glazing.
