UK: EVO acquires Complete Business Solutions
January 25, 2023
The deal saves more than 600 jobs at Complete Business Solutions following their intention to enter administration just before the Christmas break.
EVO Business Supplies Limited, (EVO) has acquired their competitor Complete Business Solutions (CBS), through a pre-pack administration and ends the uncertainty of the last few weeks and saves the jobs of more than 600 CBC staff.
CBS reported “short term profitability issues” in their latest published (2020) set of accounts and reported an operating loss of more than £489,000 on turnover of £71.4m. The company directors assign the “short term profitability issues” to Covid issues whre sales dropped to 35% of pre-covid levels.
CBS had over £100m sales in 2022 and one of the UK’s largest providers of workplace supplies and associated services, including: general stationery and office supplies, IT and tech support, photocopier and printing supplies, workspace equipment and installation, PPE and workwear.
In February 2022, CBS refinanced its bank debt obligations by utilising the UK Government Recovery Loan Scheme (RLS) through its existing banking partner, HSBC. The Group received total loan funding under the RLS of £8m, of which £4.5m was utilised to repay short term loan funding with HSBC. The refinancing added £3.5m of cash liquidity into the Group.
Andrew Gale, CEO of EVO said of the deal: “CBS is a great addition to the EVO group of companies and will operate as a stand-alone business. Our priority over the coming weeks is to restore stability and confidence for the CBS employees and most importantly maintain excellent service to the CBS customers.”
The EVO group includes Staples UK, Banner VOW Wholesale and VOW Ireland, Premier Vanguard and Trueline.
Tim Vance, Joint Administrator at EY Parthenon, said “We are pleased to announce the preservation of the entire business following its sale to EVO, along with the retention of all employees.”
Categories : City News
Tags : Acquisition Business CBS EVO Insolvency UK
