Moulton’s Better Capital buys Calyx

JON MOULTON’S company Better Capital has acquired the debt and related rights in IT services provider Calyx, a firm that Moulton’s former firm Alchemy took private in 2007.

Calyx provides IT outsourcing, voice and data services, software, network security and training. The group’s UK and Irish companies have been placed into administration and receivership respectively.

Alchemy owned 59.2 per cent of Stornoway, the 2007 management buyout vehicle of Calyx.

Stornoway’s 101p a share bid valued Calyx at £70.2m. Calyx joined Aim at 55p a share in 2005. Better Capital acquired the debt on 3 September and this puts it in a strong position to buy the operations. Better Capital has made its investment through a special purpose vehicle.