Better Capital setback

BEttEr Capital, the private equity firm run by controversial financier Jon Moulton, is set to book a loss after one of its portfolio companies went bust.

the spicers-Office team Group, also known as spot Group, was put into administration in order to sell the firm on, debt free, to Paragon Group.

Better Capital said the deal would protect ‘a significant number of jobs’ at the wholesale office supplies firm, which employed 1,441 staff as of December 2018.

Better Capital had lent the company £7.8m, and said it expected to recover at least some of this from the administration.

But it admitted its equity investment in the company ‘is likely to be worthless’.