Simon Herbert has signed an agreement to buy back the assets of JPM International, which was recently placed into voluntary liquidation.
The news comes only a few weeks after the Midlands-based gaming machine manufacturer published a Meetings of Creditors notice in the London Gazette. A decline in demand from major export customers and the legacy liability of the company’s defined benefit pension scheme prompted the company to go into liquidation.
“I believe in JPM and am determined it will remain not only a symbol of the UK coin-op industry, but gaming in general,” Herbert, who is group owner, said. “I have purchased the assets of JPM International with the sole intention of continuing its product development in the best JPM tradition and safeguarding its future.
"This is a brand which has an illustrious past and a bright future.”
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 80s to the eventual outsource of manufacturing in 2004, following the MBO by the then FD and MD from Sega of Japan. Herbert purchased JPM in 2010.
