The Recycler
  • Biuromax Web banner June 2022
  • Static Control June 2022 Masthead Ad
  • Ninestar web banner November 2022 Masthead
  • Katun web banner December 2022 NEW

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

  • Static Control June 2022 Big & Bold Ad
  • Mito December 2022 Web banner
  • Aster Web ad Jan 2023
  • GM Technology Web 2022 Ad
  • GPI Web ad February 2023
  • Apex Web Ad September 2022
  • Ink Tank Web Ad Feb 2023
  • Ninestar Web advert Feb 2023
  • IR Italiana Web ad January 2021
  • Biuromax Big & Bold Jan 2023
  • PCL Group Jan 2023 Web ad
  • CET Web Ad Jan 2023
  • CTS New Ad March 2022
  • ITP Web ad January 2021
  • HYB October 2022 Web banner
  • Zhono Web Ad October 2022
  • PCL Group Jan 2023 Web ad
  • ITP Web ad January 2021
  • CTS New Ad March 2022
  • Zhono Web Ad October 2022
  • HYB October 2022 Web banner
  • CET Web Ad Jan 2023
  • CET Web Ad Jan 2023
  • ITP Web ad January 2021
  • Zhono Web Ad October 2022
  • CTS New Ad March 2022
  • HYB October 2022 Web banner
  • PCL Group Jan 2023 Web ad

The Recycler, Wittas House, Two Rivers, Station Lane, Witney, OX28 4BH, United Kingdom | Tel: +44 (0) 1993 899800 | Fax : +44 (0) 1993 226899
©2006-2021 The Recycler - Terms & Conditions - Privacy Policy including cookie use

Web design Dorset | Websites by Mark