14 May 2020 13:32
14 May 2020
Better Capital PCC Limited
(the "Company")
Partial Sale of The Spicers-OfficeTeam group of companies and their assets
The General Partner of BECAP12 Fund LP ("Fund II") has informed Better Capital PCC Limited (the "Company") that some of the assets and operations of portfolio company Spicers-OfficeTeam Group Limited ("SPOT") have been disposed of, through a transaction which protects a significant number of jobs.
As previously communicated, the impact of the current COVID-19 crisis has had severe consequences on the businesses trading within the SPOT group. A full range of options to protect the business and its employees has been thoroughly explored, and the best solution for the Group's businesses, its workforce and for Fund II, was a sale, (via the appointment of administrators by the Directors) of certain group assets, to a subsidiary of Paragon Group for an undisclosed sum. The sale does not include some other assets, principally the freehold property.
Fund II has advanced £7.8m of secured debt to SPOT and expects to recover part or all of this sum during the administration. The process is expected to take some months. Fund II's equity investment in SPOT is likely to be worthless.
Fund II's other investee company, Everest Limited, continues to encounter difficulties caused by COVID-19. It is energetically progressing its strategic options with a view to protecting its ongoing business and employees.
Enquiries:
| |
Better Capital PCC Limited Norman Amey
| +44 (0) 1481 742 742 |
Numis Securities Nathan Brown | +44 (0) 20 7260 1426 |