Complete Business Solutions sold to EVO preserving 600 jobs
Business supplies firm Complete Business Solutions Group has been sold out of administration by professionals from EY-Parthenon. The move is reported to have saved more than 600 jobs across the UK.
Complete Business Solutions (CBS) began as a bookstore in 1890. Since then, the firm has grown into one of the UK’s leading providers of business supplies, covering products and services across multiple sectors. This includes 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. However, financial uncertainty from the pandemic period saw the firm appoint administrators from EY-Parthenon at the start of 2023.
Tim Vance, John Sumpton and Sam Woodward of the consultancy’s restructuring team immediately set to work, completing a pre-pack sale of CBS to a subsidiary of EVO Business Supplies. The transaction has resulted in the immediate transfer of all employees to EVO and ensures a continuation of services for its customers.
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.”
Looking ahead, both EVO and CBS will continue to operate as stand-alone businesses. According to EVO CEO Andrew Gale, the priority for the coming weeks is to restore stability and confidence for the CBS employees, and “maintain excellent service to the CBS customers.”
Gale added, “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.”
The EY-Parthenon administrators were also advised by Emma Sadler of Addleshaw Goddard’s Leeds restructuring team.
