Calyx buyout saves 120 jobs
AROUND 120 jobs in the North West have been saved following the sale of the business and assets of managed IT services firm Calyx Group.
London-based Calyx, which employs around 300 people in total, has been bought from administrators FRP Advisory by BeCap Fund Lp, a private equity fund run by John Moulton’s new vehicle, Better Capital.
It has bought several of Calyx Group’s subsidiaries, including certain parts of its Irish operations from Irish receiver Tom Kavanagh of KavanaghFennell. The business units acquired offered IT outsourcing, telecoms carrier services and software solutions to customers.
David Thornhill, partner at FRP Advisory in Manchester 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.”
He added that the bulk of the jobs saved were in its Didsbury office (72), although 35 jobs at Rainford near St Helens, 12 in Hyde posts and three in Widnes have also been spared.
“We would like to thank the staff, customers and suppliers for their on-going support throughout this period,” said Thornhill. “With this level of stakeholder endorsement and the ambition of the Group’s new owners, we hope to now see the business flourish.”
