Calyx administrators proclaim business as usual

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Calyx administrators proclaim business as usual

Alex Scroxton

A statement put out on behalf of networking integrator Calyx, which went into administration last week, has claimed the business will continue to run "as normal" with no redundancies made while the administrators attempt to find a buyer.

As revealed exclusively by MicroScope on Friday, Calyx was placed into administration after private equity firm Better Capital, chaired by repeat Calyx investor John Moulton, bought its bank debts from Anglo Irish Bank.

By the end of this week it is expected that Better Capital will emerge as the owner of the group following a debt for equity swap deal.

Meanwhile, Geoff Rowley of administrator FRP Advisory LLP said: "The group has a solid reputation and a good customer base, as such we're hopeful of finding a trade buyer.

"While we undertake this exercise, the busienss will continue to run as normal, with no interruption to customer service," he added.

Rowley said that although 500-strong Calyx was making sales of around £75m per annum, it was carrying a debt on the balance sheet in excess of the annual turnover, and had ultimately been unable to repay a secured creditor.

This story was amended on 7 September at 9:54 a.m to correct an error. We incorrectly stated that Calyx's debts had been acquired by Allied Irish Bank, instead of Anglo Irish Bank.

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