CBR05 Limited (04256648): administration
- Status
- Administration ended
- Administration began
- 2025-07-08
- Administrators
- Engin Faik
- Administrators' firm
- Cornerstone Business Turnaround and Recovery
- Formerly
- MSI Recruitment Ltd; Liberty Bishop (INT 5387) Ltd
- Incorporated
- 2001-07-20
- Location
- Enfield
- Industry
- 78109 Other activities of employment placement agencies
Why it went into administration
- Weak consumer demand
- Rising costs / inflation
- Creditor pressure / legal action
From the administrators' statement
For over 20 years, the Company specialised in supplying healthcare professionals on a temporary, contract and permanent basis to NHS Trusts, private sector organisations and other healthcare providers. By the 2020s, MSIR grew into one of the UK’s leading healthcare recruiters and had won numerous accreditations and awards in the industry.
MSI's fortunes changed during the course of the financial year ended 31 March 2024, when the Company experience a £3m fall in turnover. This decline was driven exclusively by a change in governmental policy, which imposed restrictions on the NHS which limited expenditure on agency staff. These measures, which also included strict hourly pay caps and ceilings on total agency spend, substantially reduced demand for the Company’s services and placed significant pressure on margins.
At the same time, the Company was also adversely affected by wider economic conditions, in particular inflationary pressures which increased staffing and operating costs across the business. The combined impact of reduced income and increased overheads caused profitability to deteriorate fall and this trend escalated in the subsequent trading periods.
Administrators' statement of proposals (2025-09-04) · Companies House register