In addition to the acquisition of subsidiaries in the UK from FRP Advisory administrators, the Fund has also acquired certain Irish operations of the Group from the Irish Receiver, Tom Kavanagh of KavanaghFennell. The acquired businesses provide IT outsourcing, telecommunications carrier services and software solutions to customers.
Commenting on the sale, Geoff Rowley said: “We have spent the past seven days ensuring that the businesses were able to continue to trade, protecting employees and customers; while we dealt with interested parties to ensure the best price in the interests of all creditors, culminating in a sale to Better Capital. 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.”
Contacts for FRP Advisory:
Tel: +44 (0)121 265 2761
Mobile: +44 (0)771 422 2793
Tel: +44 (0) 121 265 2763
Mobile: +44 (0) 7740 732 884
FRP Advisory Press Office
Tel: +44 (0) 207 467 4297
Mobile: +44 (0) 7881 523 345
About FRP Advisory
FRP Advisory LLP is focused on creating, preserving and recovering value for its clients.
The firm offers a comprehensive suite of services to the mid-market and financial community. These focus on enhancing the performance of businesses, as well as saving businesses in distress.
Services include: commercial & asset finance, corporate insolvency, restructuring, independent business reviews, interim management & placement services, personal insolvency & advisory, creditor services, insolvency investigation services and banking live-side support.
With 28 partners and 200 staff, FRP Advisory is one of the largest restructuring, recovery and insolvency firms in the UK, operating out of 9 locations including London, Bexleyheath, Hornchurch, Birmingham, Manchester, Leicester, North East, St Albans and Worthing.
To find out more, visit www.frpadvisory.com
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FRP Advisory LLP offers a comprehensive suite of restructuring, recovery and insolvency services to the mid-market and financial community. FRP Advisory is focused on enhancing the performance of businesses, as well as saving businesses in distress.