Administrators conclude sale of business outsourcing group
Mon, 17 Jul 2023 | BUSINESS SALE
Administrators from FRP Advisory have concluded the sale of the various business and assets that comprised customer outsourcing group The Woven Group. The group had UK offices in Bristol and Ipswich, as well as an operating in Cape Town, South Africa.
FRP Advisory insolvency practitioners were appointed as joint administrators to various entities within the group on March 28, March 29 and April 13 of this year. The administration was led by FRP’s Geoff Rowley and Luke Wilson, with the support of a multi-disciplinary team.
The Woven Group was comprised of companies providing BPO (Business Process Outsourcing) services, with a focus on quality assurance and customer contact centres. The group worked with clients in automotive, utilities, retail and travel and tourism.
The group had traded for close to 20 years and built a strong reputation in that time. However, according to administrators, it suffered as a result of rising inflation, growing competition and the impact of COVID-19 on its client base. Despite significant investment over recent years, the group’s ongoing trading losses became unsustainable.
Following their appointment, administrators from FRP engaged with numerous parties in an effort to secure suitable offers for the business and its assets. The group continued to operate during this time, with the joint administrators successfully trading the business for three months prior to the final sale contracts being completed at the end of June 2023.
According to FRP Advisory, “Achieving the separation of the Group was a complex process and required significant engagement with multiple stakeholders.”
FRP partner and joint administrator Geoff Rowley commented: “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."
Read about recent M&A trends in the professional services industry.
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