New dawn for USA PRO
01 May 2008
King Sturge Plant & Machinery’s discretion and diligence highlighted
Leicester sportswear makers USA PRO have entered a new era for their business after management took control of the company.
The firm, which turned over £4.2 million last year, has been bought out by its management team following an insolvency valuation by international property consultants King Sturge.
The USA PRO brand was launched in 1998 although the company behind it had begun the manufacture and distribution of high quality ladies sportswear six years earlier.
All USA PRO clothes are designed at the company’s Leicester base. USA PRO also had a retail shop in London and distributors throughout Europe and the Middle East.
Manufacturing is outsourced but kept mainly within Europe to ensure quality and speed of response.
King Sturge was instructed in February by the director of USA PRO Ltd to undertake a valuation of the brand and all assets including, office furniture, IT equipment, warehouse equipment, stock, and motor vehicles.
The company was insolvent, so the purpose of the valuation was to assist a licensed insolvency practitioner, who was to be appointed administrator of the company.
After King Sturge advised the administrator of their findings a deal was agreed for the USA PRO management team to buy the company for an undisclosed sum.
Matthew Parker of King Sturge said: “By providing the advice that we did, we were able to assist our client in achieving a fair price for all of the assets.
“By assisting in the creation of a phoenix company we have avoided a break up sale and the resulting loss of jobs associated with the closure of a company.”
Kevin Jarvis, managing director of USA PRO added: “King Sturge was extremely discreet and diligent in valuing the assets of the USA PRO business and provided the administrator with a comprehensive report in a very short timescale.”
