LONDON, ENGLAND, September 08, 2010 (Press-News.org) The Calyx Group and its subsidiaries were placed into administration on 3 September 2010 with the appointment to the UK and Northern Ireland entities of Joint Administrators Geoff Rowley and Phil Armstrong, partners at FRP Advisory LLP, the restructuring, recovery and insolvency firm.
The Irish entities within the Calyx Group have been placed into receivership, with the appointment of Tom Kavanagh of Irish insolvency practice, KavanaghFennell.
No redundancies have been made and the group, which supplies managed ICT services from operations in the UK and Ireland, will be traded as a going-concern while a buyer of the business and assets is sought in very short order.
Commenting on the case, Geoff Rowley said: "Though Calyx Group has an annual turnover of around GBP75m; it was carrying a debt on the balance sheet in excess of the annual turnover. The group went into administration after it was unable to repay a secured creditor."
Calyx Group employs more than 500 staff based in the UK, Northern Ireland and Ireland. The business has been trading under the Calyx brand since 2002, following the management buy-out of the voice, data and training businesses of Alphyra Plc. Calyx floated on AIM in 2004, but the group was taken into private ownership again in 2007.
"The group has a solid reputation and a good customer base," continues Rowley, "as such we're hopeful of finding a trade buyer. While we undertake this exercise, the business will continue to run as normal, with no interruption to customer service."
Interested parties in the UK business and assets should contact Alastair Massey, FRP Advisory, on +44 (0)207 467 4279.
Interested parties in the Irish business and assets should contact Tom Kavanagh, KavanaghFennell on +353 (0)1 206 0800.
Contacts for FRP Advisory:
Kate Macnamara
Grayling
Tel: +44 (0)121 265 2761
Mobile: +44 (0)771 422 2793
Email: kate.macnamara@grayling.com
Rebecca Curwin
Grayling
Tel: +44 (0) 121 265 2763
Mobile: +44 (0) 7740 732 884
Email: rebecca.curwin@grayling.com
Georgina Swain
FRP Advisory Press Office
Tel: +44 (0) 207 467 4297
Mobile: +44 (0) 7881 523 345
Email: georgina.swain@frpadvisory.com
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 http://www.frpadvisory.com
http://www.frpadvisory.com/news_2010-08-11.html
Calyx Group enters into administration - FRP Advisory appointed administrators
The Calyx Group and its subsidiaries were placed into administration on 3 September 2010 with the appointment to the UK and Northern Ireland entities of Joint Administrators from FRP Advisory.
2010-09-08
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[Press-News.org] Calyx Group enters into administration - FRP Advisory appointed administratorsThe Calyx Group and its subsidiaries were placed into administration on 3 September 2010 with the appointment to the UK and Northern Ireland entities of Joint Administrators from FRP Advisory.