SPOT under the spotlight
April 27, 2020
The office supplies group is owned by Better Capital, an investment company, which has recently been in the news about the potential quick sale of the SPOT group.
Sky News reported about Better Capital allegedly working with advisors on a potential sale of SPOT. In response to the story, SPOT CEO Steve Horne delivered a statement which confirmed that the company is exploring all options due to “significant impact COVID-19 has had on trading”.
The statement read: “Due to the significant impact COVID-19 has had on trading, Spicers and OfficeTeam are looking at strategic options to take the business forward. As with many businesses at this time, as a precautionary measure whilst the Board continues to explore all options, staff have been informed that jobs may be at risk and we are looking to start consultation; but we can confirm there have been no redundancies.”
“With regards to the recent Sky news article, this is not a press release from the SPOT group or from our investors Better Capital. Whilst the article talks about the company being up for sale, this is not new news. As a company we are backed by a private equity company (Better Capital); and therefore we have always been ‘on the market’ and open to a sale as this is naturally how private equity backed companies operate.”
“The Board of Directors are exploring a number of options whilst we continue to review the way forward. This will inevitably cause speculation in the press and throughout our industry.”
Recently Better Capital stated that SPOT was in a “difficult period with its business affected by the widespread and unprecedented effects of the pandemic”. At the time, Better Capital said that although the supply chain difficulties had been rectified that bad debt in the company was a negative factor for it.
Categories : City News
