Toye, Kenning & Spencer has been sold out of administration, in a pre-pack deal overseen by Opus Restructuring and Insolvency. The sale of the family-owned business will reportedly secure the majority of roles at the firm.
Founded 341 years ago by Guillaume Henri Toyé, Toye, Kenning & Spencer operates from two manufacturing sites; a metals operation in Birmingham and a textiles operation in Bedworth. Exploiting the latest technology, its creative designers and craftspeople are experts in weaving, gold and silversmithing, enamelling and embroidery. The firm employs 65 people, many of whom have served the business for decades.
But since the Covid-19 pandemic, the business – which holds a Royal Warrant to King Charles III – has faced challenges balancing recovery with continued investment in its operations and, as a result, entered into a Company Voluntary Arrangement (CVA) in 2024.
Subsequent inflationary pressure, increased shipping, and energy costs rendered that CVA unsustainable, resulting in the approach to Opus Restructuring and Insolvency. Overseeing a 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 administration has been led by Executive Partner Gareth Wilcox, and Managing Partner Trev Binyon, with Ben Ekbery acting as manager on the case. The successful sale sees the company acquired by two sons of the Toye family, ensuring continuity of ownership, expertise and heritage. It also secures the majority of roles at the firm, something the administrators added would avoid “significant redundancy costs that would have materially reduced returns to creditors.”
Wilcox added, “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, meanwhile said the family was “grateful for the support and professionalism shown throughout the process.”
“This business has been part of our family and the region for generations,” Toye concluded. “Being able to continue that legacy, while protecting our people, their skills and our reputation for quality, means a great deal to us.”
Opus Business Advisory Group is an independently owned advisory firm that assists clients to achieve their objectives, enhance value and attain the best possible results. Specialist divisions, such as Opus Restructuring and Insolvency, work together to deliver a seamless solution that addresses all of the clients’ needs through one team. The firm’s UK unit features a head count of over 150, and 38 partners across the group’s 15 offices – as well as one in Bermuda.
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