EVO acquires CBS out of administration


EVO acquires CBS out of administration

EVO Business Supplies has acquired the business and assets of Complete Business Solutions Group Ltd (CBS), Bluefish Office Products Ltd, The Irongate Group Ltd and RAM Print Ltd through a prepack deal which will see over 600 jobs retained. EVO is a multichannel business supplies specialist with annual sales approaching £500m.

BS generated sales of over £100m in 2022 and is one of the largest suppliers of workplace supplies including general stationery, office equipment, PPE and workwear. Its headquarters are in Wakefield and it also has 18 regional distribution hubs across the UK.

EY Parthenon’s restructuring team negotiated the sale on 9th January, 2022. Tim Vance, joint administrator 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, EVO 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 Leui 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 stand-alone business. Our priority for the coming weeks is to restore stability and confidence for the CBS employees and most importantly maintain excellent service to the CBS customers.”

 

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