JPM International FINISHED!!
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loopyfruits
- Junior Member
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- Joined: Wed Jul 21, 2010 7:33 pm
- Location: Hereford
JPM International FINISHED!!
Looks like JPM international have gone through the hoooooop! A guy told me in Leeds they are changing over their name to Livewire… LOL!
Their website doesn't mention anything about it. They have created a site where you can play some of their old games online for fun including SWP's WWTBAM 2007 and Hangman. http://www.playjpm.com/
Give Us A Break 30th Anniversary
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streakseims
- Senior Member
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- Joined: Tue Aug 18, 2009 3:48 pm
- Location: United kingdom
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mikehilton
- Member
- Posts: 35
- Joined: Mon Jun 29, 2009 7:50 am
JPM in Voluntary Liquidation
16/10/2013
JPM International – the UK AWP manufacturing arm of the JPM Group – has gone into voluntary liquidation.
The owner of JPM International, Simon Herbert, told Coin-op Community that he has been forced to make the move due to the financial pressures of the existing pension fund that he acquired along with the company in 2010. The JPM Group Brand will continue with Synot.
JPM has been a UK-based manufacturer and distributor of games and gaming machines since 1972. The company has downsized drastically from the days of employing more than 300 with a £40m turnover in the late 80’s to the eventual outsource of manufacturing in 2004, following the MBO by the then FD and MD, from Sega of Japan.
This led to the subsequent move of the Cardiff facility to more modest premises in Cardiff Bay. The R&D and administrative function resided at the Head Office in Birmingham during this transition and has remained there until this day.
In 2010, Simon Herbert bought the company, and after some restructuring internally, focused on materials costs and improvement in trade terms which resulted in a return to profit for FY11. However, at the beginning of 2012 there was an unforeseen marked decline in demand from the major export customers.
Despite this, JPM International in unison with its export customers continued its on-going commitment in development, to overcome the issues in the market, with innovative new products and content.
To complement the export business, Mr. Herbert heavily invested in the company’s working capital to pursue the UK market; but disappointingly, limited success was hard won. The successes were not sufficient enough to offset the significant downturn in the export market.
Despite the best efforts of the management, which has lowered fixed costs, improved margins and entered new markets, the root cause for the companies demise is the legacy liability of the defined benefit pension scheme that has passed down through successive owners.
“Historically we made a commitment to monthly contributions to alleviate the deficit, which per the latest FRS17 valuation is excess of £30m,” said Simon.
“The top-up contributions have risen year on year from £150,000 per annum in 2011, to their current level of £250,000 per annum in 2013, with an increase of a further £50,000 per annum until 2038. In light of the downturn in economic conditions this could no longer be realistically sustained. When it became apparent that we could no longer pay its creditors if and when they fell due, in addition to making the pension top ups, the directors felt they had no option other than to take professional advice about winding up JPM International.”
On 4th October 2013 a board meeting was held and FRP Advisory LLP have been instructed to assist management in placing JPM International Company into Voluntary Liquidation.
16/10/2013
JPM International – the UK AWP manufacturing arm of the JPM Group – has gone into voluntary liquidation.
The owner of JPM International, Simon Herbert, told Coin-op Community that he has been forced to make the move due to the financial pressures of the existing pension fund that he acquired along with the company in 2010. The JPM Group Brand will continue with Synot.
JPM has been a UK-based manufacturer and distributor of games and gaming machines since 1972. The company has downsized drastically from the days of employing more than 300 with a £40m turnover in the late 80’s to the eventual outsource of manufacturing in 2004, following the MBO by the then FD and MD, from Sega of Japan.
This led to the subsequent move of the Cardiff facility to more modest premises in Cardiff Bay. The R&D and administrative function resided at the Head Office in Birmingham during this transition and has remained there until this day.
In 2010, Simon Herbert bought the company, and after some restructuring internally, focused on materials costs and improvement in trade terms which resulted in a return to profit for FY11. However, at the beginning of 2012 there was an unforeseen marked decline in demand from the major export customers.
Despite this, JPM International in unison with its export customers continued its on-going commitment in development, to overcome the issues in the market, with innovative new products and content.
To complement the export business, Mr. Herbert heavily invested in the company’s working capital to pursue the UK market; but disappointingly, limited success was hard won. The successes were not sufficient enough to offset the significant downturn in the export market.
Despite the best efforts of the management, which has lowered fixed costs, improved margins and entered new markets, the root cause for the companies demise is the legacy liability of the defined benefit pension scheme that has passed down through successive owners.
“Historically we made a commitment to monthly contributions to alleviate the deficit, which per the latest FRS17 valuation is excess of £30m,” said Simon.
“The top-up contributions have risen year on year from £150,000 per annum in 2011, to their current level of £250,000 per annum in 2013, with an increase of a further £50,000 per annum until 2038. In light of the downturn in economic conditions this could no longer be realistically sustained. When it became apparent that we could no longer pay its creditors if and when they fell due, in addition to making the pension top ups, the directors felt they had no option other than to take professional advice about winding up JPM International.”
On 4th October 2013 a board meeting was held and FRP Advisory LLP have been instructed to assist management in placing JPM International Company into Voluntary Liquidation.
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jeffvickers
- Senior Member
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- Joined: Wed Nov 08, 2006 12:05 pm
- Location: North of England
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jeffvickers
- Senior Member
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mikehilton
- Member
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