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341 year-old firm saved by Opus
A 341-year-old British institution has been pulled back from the brink following a rescue deal that preserves centuries of craftsmanship and dozens of specialist roles.
Led by joint administrators Gareth Wilcox and Trevor Binyon, Opus Restructuring & Insolvency, the pre-pack sale of Toye, Kenning & Spencer, the historic regalia and medal manufacturer that has served the Royal Family and the Armed Forces since 1685, was acquired by two sons of the Toye family, Charles and Freddy Toye and sees the firm remain under family stewardship.
Additionally, the acquisition secures the future for the majority of the firm’s 65 employees across its two primary manufacturing sites: a specialist metals operation producing medals and insignia in Birmingham; and a textile facility dedicated to weaving ceremonial ribbons and regalia in Bedworth.
“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,” says Charles Toye, Managing Director, Toye, Kenning & Spencer. “We are grateful for the support and professionalism shown throughout the process.”
“This is a strong example of how a well-run pre-pack process can deliver positive outcomes for all stakeholders,” adds Gareth Wilcox, executive partner, Opus Business Advisory Group. “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.”
Founded by Hugenuenot weaver Guillaume Henri Toyé, the Royal Warrant-holding firm had faced severe financial strain due to post-pandemic inflationary pressures and rising energy costs, which rendered a previous recovery plan unsustainable. This rescue ensures that the rare traditional crafts practiced by its long-serving workforce – some of whom are among the only people in the country with these specific skills – will continue to thrive.