A number of jobs have been saved following the sale of Dublin-based office supplies wholesaler Spicers Ireland and its assets to the Paragon Group for an undisclosed sum.
The company, which is based at the Citywest Business Campus, Dublin 24, employs more than 40 people. It is part of a UK-based group, and had been operating in Ireland for over 30 years.
However, the group had been experiencing difficulties and was involved in a sales process which was not successful. As a result, the group entered administration in the United Kingdom.
While the Irish company had been trading profitably, and was stable, it was heavily dependent on other companies in the group for important services, including IT.
The company had also been experiencing difficulties arising out of the coronavirus pandemic, which had caused a dramatic fall in revenue.
Liquidators Luke Charleton and Colin Farquharson of professional services firm EY, who were appointed by the High Court in recent weeks, completed the sale of the company on Monday.
‘Very challenging’
The sale of the business includes the trade and stock and will see Paragon take assignment of the lease of the Spicers Ireland depot at Citywest.
Paragon Group is a provider of customer communications, identification, graphics and workplace services.
The liquidators said the transaction would safeguard a number of jobs and secures a future for the Spicers brand in Ireland.
Mr Charleton said: “In what has been a very challenging time for businesses, it is particularly pleasing to have completed the sale of Spicers Ireland, a leading name in the office supplies business in a transaction that will protect jobs.
“Paragon Group will provide Spicers Ireland with a solid financial footing on which the business can be taken forward and we wish both Paragon and Spicers Ireland every success in the future.
“The liquidators will now work towards realising the remaining assets of the company, which have not been included in the transaction, for the benefit of the creditors of Spicers Ireland.”
