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

10th of September, 2010 Bookmark and Share
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.”

Contacts for FRP Advisory:

Kate Macnamara
Tel: +44 (0)121 265 2761
Mobile: +44 (0)771 422 2793
Email: kate.macnamara@grayling.com

Rebecca Bannister
Tel: +44 (0) 121 265 2763
Mobile: +44 (0) 7740 732 884
Email: rebecca.bannister@grayling.com

Georgina Swain
FRP Advisory Press Office
Tel: +44 (0) 207 467 4297
Mobile: +44 (0) 7881 523 345
Email: georgina.swain@frpadvisory.com

About FRP Advisory

FRP Advisory LLP is focused on creating, preserving and recovering value for its clients.

The firm offers a comprehensive suite of services to the mid-market and financial community. These focus on enhancing the performance of businesses, as well as saving businesses in distress.

Services include: commercial & asset finance, corporate insolvency, restructuring, independent business reviews, interim management & placement services, personal insolvency & advisory, creditor services, insolvency investigation services and banking live-side support.

With 28 partners and 200 staff, FRP Advisory is one of the largest restructuring, recovery and insolvency firms in the UK, operating out of 9 locations including London, Bexleyheath, Hornchurch, Birmingham, Manchester, Leicester, North East, St Albans and Worthing.

To find out more, visit www.frpadvisory.com
Georgina Swain
Geoff Rowley - http://www.frpadvisory.com/aboutus_people_geoff_rowley.html