EVO has confirmed the acquisition of troubled UK dealer Complete Business Solutions (CBS).
As reported last week, CBS filed a notice of intention to appoint administrators just before Christmas. This gave it some breathing room to find a solution to its financial difficulties.
Now, EVO has confirmed it has acquired the trade and assets of CBS through a pre-pack administration. The transaction ensures the survival of the dealer and secures the jobs of more than 630 staff members across the UK.
In a statement, EVO CEO Andrew Gale 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 Leumi ABL, who have worked tirelessly to ensure this acquisition was concluded as quickly as possible.”
He added: “CBS is a great addition to the EVO Group and will operate as a standalone business. Our priority over the coming weeks is to restore stability and confidence for the CBS employees and, most importantly, maintain excellent service to the CBS customers.”
Tim Vance, Joint Administrator at EY Parthenon, said: “We are pleased to announce the preservation of the entire business following its sale to EVO, along with the retention of all employees.”