Office supply wholesaler Spicers Ireland has been rescued from liquidation after the business was sold to the Paragon Group.
Luke Charleton and Colin Farquharson of EY, in their capacity as joint official liquidators of Spicers (Ireland) Limited have completed the sale of the business and its assets to the Paragon Group for an undisclosed sum.
The sale of the business includes the trade and stock and will see Paragon Group take assignment of the lease of the Spicers Ireland depot at Citywest in Dublin.
Earlier this month The Recycler reported that the High Court had appointed Luke Charleton and Colin Farquharson both of EY as joint provisional liquidators to Dublin based Spicers Ireland. The office supplies wholesaler employed more than 40 people.
The High Court had heard, that while Spicers Ireland was trading profitably, it was part of a wider UK-based group that had entered administration.
On 14 May 2020 Spicers Ireland parent company, Spicers Limited ceased trading and R H Kelly and C G J King were appointed as Joint Administrators of Spicers Limited.
Commenting on the purchase of Spicers Ireland, Paragon said: “The purchase of these businesses will further strengthen Paragon’s business services capabilities within Ireland. Spicers Ireland within Paragon will continue to be led by Martin Everard.”
Spicers Ireland possesses a large customer base in Ireland, many of whom depend on the company as their primary wholesale source. Paragon said “Spicers Ireland is proud to support its customers and prides itself on stock availability, breadth of product range, and provision of marketing and business solutions to help resellers grow. “
Sean Shine, CEO of the Paragon Group, said: “We are pleased to welcome Spicers Ireland to the Paragon Group. Spicers’ knowledge and prowess adds significant value to our growing range of Business Services in Ireland. “
Martin Everard, Managing Director of Spicers Ireland said “I am delighted that Spicers Ireland is joining the Paragon Group. Paragon has been growing rapidly both globally and in Ireland. Becoming part of Paragon allows Spicers Ireland to provide a broader range of products and services to our Customers in Ireland”.
