Filter news by:

300 jobs saved as FRP Advisory facilitates sale of Calyx Group to Better Capital Fund

10 September 2010

FRP Advisory LLP partners and Joint Administrators to the Calyx Group, Geoff Rowley and Phil Armstrong, have sold the trade and assets of certain UK subsidiaries of Calyx Holdings Limited (the "Group") to a vehicle of Becap Fund LP (the "Fund"), a dedicated fund of Better Capital Limited, saving more than 300 jobs. The acquisition follows the Group entering into administration on 3 September with the appointment of FRP Advisory and the acquisition of the bank debt of the Group by Better Capital.

In addition to the acquisition of subsidiaries in the UK from FRP Advisory administrators, the Fund has also acquired certain Irish operations of the Group from the Irish Receiver, Tom Kavanagh of KavanaghFennell. The acquired businesses provide IT outsourcing, telecommunications carrier services and software solutions to customers.

Commenting on the sale, Geoff Rowley said: "We have spent the past seven days ensuring that the businesses were able to continue to trade, protecting employees and customers; while we dealt with interested parties to ensure the best price in the interests of all creditors, culminating in a sale to Better Capital. No redundancies have been made throughout the administration and the quick sale of the Group’s UK businesses has ensured an uninterrupted service to customers, as well as protecting the integrity and value of all businesses.

"We would like to thank the staff, customers and suppliers for their on-going support throughout this period. With this level of stakeholder endorsement and the ambition of the Group’s new owners, we hope to now see the business flourish."

For further information, please contact us using the online form below.