Evolution wins race for Anglo

Startup company pips rivals in bid to snap up failed Anglo Corporation

Tony Deane, former Anglo VP and co-founder of Prodis, has helped buy back his old business as an investor in Evolution Holdings, a startup company which bought the defunct Anglo Corporation from the administrators last Friday.

Four companies, reported to include Electronics Boutique and Microworld, were still bidding for Anglo on Friday morning ? the day the deal was signed ? before administrator Coopers & Lybrand plumped for the investment group.

Anglo plunged into administration with debts of about #7 million in February.

Under the terms of the deal, Evolution Holdings acquired Anglo?s assets and businesses, which included Silica Retail, SDL and Tecnoplus Europe.

It is understood that Deane has taken a 10 per cent holding in the company.

About half of Anglo Corporation?s staff, representing 133 jobs, will be kept on.

Tudor Nicholls, principal manager at Coopers & Lybrand, who had put two holidays on hold in order to complete the sale, said: ?It was a close thing but Evolution Holdings came up with the best offer. It will not be taking over the debtors? claims ? that has still got to be sorted out.?

A date has yet to be set for the creditors? meeting, but Nicholls claimed Coopers & Lybrand was issuing a report in preparation for the briefing this week.

On hearing about the acquisition, one creditor who did not wish to be named said: ?It?s still the old management as far as I'm concerned. If the company came to do business with me I?d be wary.?

Deane was senior VP of business development at Anglo and co-founder of retail group Prodis. Anglo Corporation bought Prodis, which included SDL and Silica, out of administration in October 1995.

Prodis went into administration with debts of #7.8 million on a turnover of #44 million.