Tim Vance, John Sumpton and Sam Woodward of EY Parthenon’s Restructuring team were appointed as Joint Administrators of Complete Business Solutions Group Limited, Bluefish Office Products Limited, The Irongate Group Limited and RAM Print Limited (“CBS”) on 9 January 2023.
CBS is one of the UK’s largest providers of business supplies and associated services, including, general stationery and office supplies, IT and tech support, photocopier and printing supplies, workspace equipment and installation, and PPE and workwear. The business is headquartered in Wakefield and operates through a further 18 regional distribution hubs across the UK, employing a total of 632 people.
Immediately following the appointment of Administrators, a sale of CBS’ business and assets was completed by the Administrators to a subsidiary of EVO Business Supplies Limited (“EVO”).
EVO is the UK and Ireland’s largest specialist multi-channel business supplies and service distributor, operating a number of leading brands in the industry.
The transaction has resulted in the immediate transfer of all employees to EVO and ensures a continuation of services for its customers.
Tim Vance, Joint Administrator at EY Parthenon said “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.”
Andrew Gale, CEO of EVO said: “We have worked with Complete Business Solutions for many years and are pleased to have delivered a solution that safeguards the business and saves over 600 jobs.”
The Administrators were advised by Emma Sadler of Addleshaw Goddard’s Leeds Restructuring Team.