Office supply wholesaler Spicers Ireland is rescued from liquidation

Office supply wholesaler Spicers Ireland has been rescued from liquidation after the business was sold to the Paragon Group.

The sale is expected to safeguard a number of the 44 employees who worked at the company.

Luke Charleton and Colin Farquharson of EY, in their capacity as joint official liquidators of Spicers (Ireland) Limited has 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 High Court had heard that while Spicers was trading profitably, it was part of a wider UK-based group that had entered adminsitration. 

“In what has been a very challenging time for businesses, it is particularly pleasing to have completed the sale of Spicers Ireland in a transaction that will protect jobs," Mr Charleton said.

"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.”

Sean Shine, CEO of the Paragon welcomed Spicers Ireland to the group. "Spicers’ knowledge and prowess adds significant value to our growing range of business services in Ireland”.

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