Tim Vance, John Sumpton and Sam Woodward of EY Parthenon’s restructuring team were appointed as joint administrators of Complete Business Solutions Group Ltd, Bluefish Office Products Ltd, The Irongate Group Ltd and RAM Print Ltd on 9 January.
Immediately following the appointment of administrators, a sale of CBS’ business and assets was completed by the administrators to a subsidiary of EVO. The deal also resulted in the immediate transfer of all of its 632 staff to EVO.
Vance commented: “CBS is one of the UK’s leading providers of business supplies and services, but the long-term impact of the pandemic lockdowns and subsequent change in working habits has created significant headwinds for the business and impacted revenue and cashflow.
“We are pleased to announce the preservation of the entire business following its sale to EVO, along with the retention of all employees.”
The administrators were advised by Emma Sadler of Addleshaw Goddard’s Leeds restructuring ream.
With over £100m sales in 2022, according to EVO, CBS provides 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.
The group has an in-house reprographics team and litho and digital printing facilities, offering brochures and leaflets, business cards, letterheads, books, folders and various wide-format and finishing services.
It is headquartered in Wakefield and operates through 18 regional distribution hubs across the UK.
EVO CEO Andrew Gale said: “We are delighted to end the uncertainty and bring CBS into the EVO family, which we believe is the best outcome for all.
“This was very much a team effort, and I am grateful and indeed very proud of the EVO team, our shareholder, Endless, and our banking partners, Breal Zeta and Leumi ABL, who have worked tirelessly to ensure this acquisition was concluded as quickly as possible.
“CBS is a great addition to the EVO group of companies and will operate as a standalone 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.”
In its most recently filed accounts at Companies House, for its financial year ended 27 December 2020, Complete Business Solutions Group Ltd reported sales of £71.5m but a loss after tax of £1.33m.
It had already reduced its headcount by around 35%, in anticipation of its sales not recovering to their pre-lockdown levels until late 2022, and had closed 13 of its sites.
