The HIL Organisation Ltd (03331338): administration
- Status
- Administration ended
- Administration began
- 2017-02-14
- Administrators' firm
- Deloitte
- Formerly
- Haztek International Ltd; J.K.X. Recruitment Limited
- Incorporated
- 1997-03-11
- Location
- London
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Competition / price pressure
From the administrators' statement
The collapse of the acquisition as detailed in 3.5, caused turmoil within the Company in terms of lost legal and accountancy fees in excess of £75,000 and acrimony amongst its key personnel. The end result was Mr Winter being taken ill and having heart surgery, meaning he was out of the business for over five months, which coincided with a significant downturn in the gas and oil industry. This resulted in large clients failing within the Manpower division during 2015.
The Company recorded a loss of over £500,000 for the financial year ended 31 December 2015, essentially wiping out the reserves that the Company had been able to generate over many successful years. On Mr Winter’s return to the business towards the end of that ycar, large cuts in expenditure were implemented in order to stabilise the business.
Unfortunately, Mr Winter suffered a family health emergency in October 2015, which again, led to him having to relinquish his role as CEO when he was most needed and he was away from the office until March 2016. In his absence, key personnel were unable to sustain the regeneration of the business and, on his return, Mr Winter again made personnel changes. Over the following twelve months, headcount was reduced in terms of staff and lower overheads, essentially restructuring the business with a view to either selling or closing down the Manpower division and concentrating purely on Managed Services.
Administrators' statement of proposals (2017-04-12) · Companies House register