Opus Restructuring and Insolvency has been appointed to complete the pre-pack administration and sale of Toye, Kenning & Spencer Limited, a 341-year-old family-owned business and holder of a Royal Warrant to HM The King, safeguarding the company’s future and preserving the jobs and unique expertise of the workforce.
Founded more than three centuries ago by Guillaume Henri Toyé, Toye, Kenning & Spencer operates from two manufacturing sites; a metals operation in Birmingham and a textiles operation in Bedworth, employing 65 people, many of whom have served the business for decades.
Since the onset of the Covid-19 pandemic, like many businesses, the company had faced challenges balancing recovery with continued investment in its operations and, as a result, entered into a Company Voluntary Arrangement (“CVA”) in 2024. Unfortunately, subsequent inflationary pressure, increased shipping, and energy costs had rendered the CVA unsustainable, resulting in the approach to Opus and ultimately the pre-pack administration. An independent agent was appointed to market the company, to achieve the best possible outcome for creditors while preserving the underlying business. The successful sale sees the company acquired by two sons of the Toye family, ensuring continuity of ownership, expertise and heritage.
Crucially, the transaction has secured the future of the majority of the workforce, avoiding significant redundancy costs that would have materially reduced returns to creditors.
Gareth Wilcox, Partner at Opus Restructuring & Insolvency, said, “This is a strong example of how a well-run pre-pack process can deliver positive outcomes for all stakeholders. By preserving the business as a going concern, we have protected jobs and skills, maintained a historic brand, and achieved a better overall result for creditors.”
Charles Toye, Managing Director of Toye, Kenning & Spencer added, “This business has been part of our family and the region for generations. Being able to continue that legacy, while protecting our people, their skills and our reputation for quality, means a great deal to us. We are grateful for the support and professionalism shown throughout the process.”
The administration is being led by Gareth Wilcox, Executive Partner and Trev Binyon, Managing Partner, with Ben Ekbery acting as manager on the case.