FRP secures sale of business and assets of Woven Group
Friday July 14, 2023
FRP's multidisciplinary team completed the sale of Woven Group in a deal which saw over 1,000 jobs secured.
Specialist business advisory firm FRP has secured the sale of Woven Group in a deal with various parties for its business and assets across the UK and South Africa. The group encompassed a variety of companies specialising in customer service outsourcing for renowned brands across multiple sectors – the result means over 1,000 jobs were secured across the two countries.
Insolvency practitioners from FRP Advisory were appointed as Joint Administrators over various entities in the Group on 28 March 2023, 29 March 2023 and 13 April 2023, and have now secured a sale of the various businesses and assets that comprised the Woven Group. The project was led by Geoff Rowley and Luke Wilson supported by a multi-disciplinary team.
The Woven Group of companies provided Business Process Outsourcing (BPO) services with a particular focus on customer contact centres and quality assurance, to clients in the retail, automotive, travel and tourism and utilities sectors.
After trading for almost 20 years, the Woven Group built a strong reputation for innovation and exceptional customer service. However, increasing costs from rising inflation and growing competition, as well as the impact of the Covid-19 pandemic on clients, resulted in ongoing trading losses, which became unsustainable despite significant investment in recent years.
FRP engaged with numerous interested parties throughout the sale process whilst the Group continued to operate until suitable offers for the business and assets could be agreed. The Joint Administrators managed to successfully trade the business for three months to 30 June 2023 when the final sale contracts were completed. Achieving the separation of the Group was a complex process and required significant engagement with multiple stakeholders.
Geoff Rowley, partner at FRP and Joint Administrator of the Woven Group, said: “We’re pleased to have secured a positive outcome for a brand that has been growing for more than two decades. The deal completed ensures that trading will continue, and a significant number of employees have been transferred across to the new owners, enabling continuity of service for the Group’s customers.
“We wish the new owners every success as they take the businesses forward.”