Yarrum RS Limited (04447697): administration
- Status
- Administration ended
- Administration began
- 2011-05-11
- Administrators' firm
- FRP Advisory
- Formerly
- Middletonmurray Recruitment Solutions Limited; Middleton-Murray Recruitment Solutions Limited
- Incorporated
- 2002-05-27
- Location
- Warley Hill Business Park
- Industry
- 7450
Why it went into administration
- HMRC / tax arrears
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
YRSL traded in the recruitment of temporary and permanent employees into a generalist market The business initially traded from small premises for the first 5 years of trading, and then later moved to larger premises at MiddletonMurray House in Sidcup, Kent in December 2007 on a 12 year lease The Company used funding obtained via a loan from Coutts & Co and from the various leases In order to fund substantial refurbishing of the new trading premises
Average annual sales grew in the first few years by 100% and then remained at around £2m until 2010, when turnover grew significantly due to increased business with temporary staff Gross profit was around 50% for the first few years, however from 2007, this reduced dramatically to c.15% due to a decrease in the lucrative permanent placements and more business being done with temporary placements
The Company had a varied client base including a number of very small companies with irregular demand, some intermediary providers, and two larger chents with regular demand YRSL’s three largest cltents accounted for 80% of the business volume
Administrators' statement of proposals (2011-07-08) · Companies House register