EVO has confirmed the acquisition of Complete Business Solutions (CBS), a provider of business supplies and services.
The trade and assets of CBS have been acquired through a pre-pack administration by EVO. Over a few weeks during the Christmas period, the EVO and CBS teams have worked together to deliver the transaction following a challenging period, and EVO has secured an outcome ensuring the survival of CBS and securing jobs for all its employees across the UK.
With over £100m in sales in 2022, CBS is one of the UK’s largest providers of workplace supplies and associated services, including general stationery and office supplies, IT and tech support, photocopier and printing supplies, workspace equipment and installation, PPE, and workwear. The business is headquartered in Wakefield and operates through 18 regional distribution hubs across the UK, employing a total of 632 people.
The business has grown rapidly in recent years but was significantly challenged by the COVID period.
Andrew Gale, CEO of EVO said, “We are delighted to end the uncertainty and bring CBS into the EVO family, which we believe is the best outcome for all. This was very much a team effort, and I am grateful and indeed very proud of the EVO team, our shareholder, Endless, and our banking partners, Breal Zeta and Leumi ABL, who have worked tirelessly to ensure this acquisition was concluded as quickly as possible.
“CBS is a great addition to the EVO group of companies and will operate as a stand-alone business. Our priority over the coming weeks is to restore stability and confidence for the CBS employees and most importantly maintain excellent service to the CBS customers.”
Tim Vance, Joint Administrator at EY Parthenon added, “We are pleased to announce the preservation of the entire business following its sale to EVO, along with the retention of all employees.”
