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RSM has secured the sale of the Black Country Innovative Manufacturing Organisation (BCIMO) to Dudley Council, following the firm’s appointment as administrator.
Deviesh Raikundalia and Tyrone Courman of RSM’s restructuring advisory, who were named administrators on Tuesday 1 July, ensured that the Innovation Centre remained operational throughout the administration period.
After a focused marketing process, the business and assets were sold to Dudley Council. Based in Dudley, West Midlands, BCIMO is a not-for-profit research and technology organisation (RTO), which operates the Very Light Rail National Innovation Centre (VLRNIC), a pioneering facility dedicated to advancing transport innovation.
The transaction has safeguarded the future of the VLRNIC, preserving continuity for its occupiers, and laid the foundation for renewed investment in transport innovation.
It is expected that Dudley Council will now focus on stabilising operations and revitalising the VLRNIC’s research activities, reinforcing its position as a world-class hub for innovation.
Advisors involved in the transaction also included solicitors Sills and Betteridge, and agents Lambert Smith Hampton.
Raikundalia said: “We are delighted to have secured a sale that ensures the continued operation of the Very Light Rail National Innovation Centre and preserves its reputation as a leading innovation centre. We are grateful to the occupiers of the centre and stakeholders for their support, patience and cooperation throughout the administration process, and we wish Dudley Council every success with this venture.”
Cllr Steve Clark, cabinet member for resources at Dudley Council, said: “The council has previously provided financial support to BCIMO and so, when the board of directors put the organisation into administration, we made the decision to put in a bid for the business and assets to protect this investment.
“The bid was successful and as the owner of the site, we will now be receiving income from the existing tenants, while looking for an operator to take on the responsibility of operating the site.”
He added: “This was an invest to save decision, which will generate income for the council now and into the future, champion local innovation and support the creation of high value employment opportunities in our borough.”
