Thousand jobs saved as outsourcing business is sold out of administration

A thousand jobs have been saved after a Bristol outsourcing business was sold out of administration.

The Woven Group, which has interests in the UK and in South Africa, included a portfolio of companies specialising in out-sourced customer services.

Specialist business advisory firm FRP was called in as administrators in March and has now secured the sale of the business to a number of interested parties.

The deal means over 1,000 jobs were secured across the two countries.

Insolvency practitioners from FRP Advisory was appointed as joint administrators over various parts of the business, which has its headquarters  in St Pauls, at the end of March.

The complicated deal was led by Geoff Rowley and Luke Wilson who were supported by a multi-disciplinary team.

The Woven Group of companies provided business process outsourcing (BPO) services with a particular focus on customer contact centres and quality assurance, to clients in the retail, automotive, travel and tourism and utilities sectors.

After trading for almost 20 years, the Woven Group built a strong reputation for innovation and exceptional customer service.

However, increasing costs from rising inflation and growing competition, as well as the impact of the Covid-19 pandemic on clients, resulted in ongoing trading losses, which became unsustainable despite significant investment in recent years.

FRP held talks with numerous interested parties throughout the sale process whilst the group continued to operate until suitable offers for the business and assets could be agreed.

The joint administrators managed to successfully trade the business for three months to 30 June 2023 when the final sale contracts were completed.

Achieving the separation of the various parts of the business was a complex process and required significant negotiations with multiple stakeholders.

Geoff Rowley, partner at FRP, said: “We’re pleased to have secured a positive outcome for a brand that has been growing for more than two decades.

“The deal completed ensures that trading will continue, and a significant number of employees have been transferred across to the new owners, enabling continuity of service for the Group’s customers.

“We wish the new owners every success as they take the businesses forward.”