BusinessBusiness RecoveryFRP Advisory’s Calyx sale secures 300 jobs

FRP Advisory's Calyx sale secures 300 jobs

Insolvent Calyx's assets sold to Becap by administrators

More than 300 jobs have been saved after joint administrators from FRP
Advisory sold assets from insolvent managed services group
Calyx.

FRP’s Geoff Rowley and Philip Armstrong sold the trade and certain assets of
some of Calyx’s UK subsidiaries. The sale was made to Becap Fund, a vehicle of
Better Capital.

Becap has also acquired parts of it Irish operation from receiver Tom
Kavanagh of KavanaghFennell.

Rowley said: “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.”

Further reading:

KPMG’s
Connaught appointment “meets industry guidelines”

150,000
companies face collapse if public sector contracts go: R3

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