Earlier this month, it was confirmed that the sale of the Office Depot and Office team businesses in the UK and Ireland to Paragon – as well as the sale of OTG’s 5 Star brand to VOW – was finalised at the end of August
This followed OT Group’s announcement that the business would be restructured through a Company Voluntary Arrangement (CVA).
On September 10th, further developments were made when the Company Voluntary Arrangement (CVA) was overwhelmingly approved by creditors. A significant 98% of creditors endorsed the proposed CVA arrangements. Under the terms of the CVA, OT Group has committed to paying 100% of reconciled and agreed balances, a pledge made possible by a substantial voluntary contribution from Grenadier Holdings.
Dealer Support will continue to monitor the situation closely and provide updates to the dealer community as new developments arise.
