RFC Recruitment Solutions Limited (04378325): administration
- Status
- Administration ended
- Administration began
- 2019-10-29
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2002-02-20
- Location
- Salisbury
- Industry
- 78109 Other activities of employment placement agencies
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
- Brexit
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 20 February 2002 by sole director/shareholder Reginald Hugh Campbell, to provide temporary and permanent staff to organisations in industries such as agriculture, manufacturing, warehousing and distribution. It traded from various locations in Southampton, Fareham and Littlehampton and latterly from leasehold premises at 155-156 High Street, Southampton.
We understand that profitability was badly affected by the financial crisis in 2008 and outgoing employees setting up in competition with the Company in 2010. The ensuing financial difficulties were resolved with a Company Voluntary Arrangement (“CVA”), which was successfully completed in 2016.
Further difficulties arose in 2018 and 2019, with the liquidation of Carillion Plc and the general slow down in global trade due to uncertainty over Brexit; income was affected by a reduction in the use of temporary staff by the sectors served by the Company and substantial crown debts accrued. The Company defaulted on the final instalment due under a time to pay arrangement with HMRC and its proposals for a second CVA were rejected.
Administrators' statement of proposals (2019-12-10) · Companies House register