Workplace360 has spoken to EVO CEO Andrew Gale about the group’s acquisition of Complete Business Solutions (CBS).
EVO bought CBS on 9 January through a pre-pack administration after the reseller ran into financial difficulties. Eyebrows will no doubt be raised in the UK marketplace given VOW Wholesale’s owner now controls a £100 million ($122 million) dealer that competes with many of VOW’s customers.
Gale said this aspect should not be overthought. “Managing a multichannel model isn’t new for EVO. The focus, with an important customer in difficulty and more than 600 jobs at stake, was how we could come up with a better solution for all involved,” he told Workplace360.
He added: “The fact is we have been able to turn a business in distress into a chance to save a large number of jobs. We’ll now take that forward and there will be more to say down the line.”
Aside from preventing the collapse of Complete, Gale called the transaction a “pragmatic deal for EVO with a positive outcome for all, bringing Complete into the EVO family”.
Arthur Hindmarch, Chairman of the UK’s largest family-owned independent dealer Commercial – which is a major VOW customer – gave his reaction to the news.
“Commercial is fully supportive of EVO’s prompt action to rescue Complete from administration,” he said. “In doing so, EVO has clearly given the business and its employees a second chance to thrive again.
“This can only be a good thing for the dealer channel and I’m confident EVO will ensure the integrity of VOW Wholesale’s dealer channel is maintained. We wish all involved the best of luck going forward.”
Read the full story in the launch issue of Workplace360. Sign up here to receive your free copy of the magazine.