Fri, 17 Sep 2010 | ADMINISTRATION
Managed ICT services provider Calyx has survived administration with all 300 employees retained after private equity firm Better Capital purchased the business.
Geoff Rowley and Phil Armstrong of FRP Advisory LLP were appointed as joint administrators to the UK operations in early September. Tom Kavanagh of KavanaghFennell was employed in the same capacity for the Northern Ireland unit.
News of Calyx’s spiralling debt had emerged only last month.
Rowley explained Calyx’s predicament: “Although Calyx Group has an annual turnover of around £75m, it was carrying a debt in excess of that amount. The group was unable to repay a secured creditor.”
Calyx would make a sound purchase, having a strong reputation and a good client base, according to Rowley. It also has the status of being the last ever tier two integrator, a piece of information thought likely to seal the deal for any potential new owner.
A fund of Better Capital has now bought the trade and assets of parts of Calyx, including some of its Irish business. The deal was led by venture capitalist Jon Moulton, who previously backed an MBO of Calyx three years ago while he was at Alchemy.
Of the deal Moulton said his history with the company was a deciding factor in the move to buy, with Better Capital itself also being ready to take Calyx on.
Rowley commented: “With this level of stakeholder endorsement and the ambition of the group’s new owners, we hope to now see the business flourish.”
Established in 1989, the group specialises in managed services across desktop, applications, infrastructure, ICT and security products, WAN and LAN networks and telephony systems.
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