Elite Associates Europe Limited (04963433): administration
- Status
- Administration ended
- Administration began
- 2024-04-05
- Administrators
- Asher Miller, Stephen Mark Katz
- Administrators' firm
- Begbies Traynor
- Formerly
- Elite Services (Europe) Limited; Text Internet.Com Limited; Scholar Management Limited
- Incorporated
- 2003-11-13
- Location
- London
- Industry
- 78109 Other activities of employment placement agencies
Why it went into administration
- Cash flow / liquidity pressure
- COVID-19
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated in 2003 and acted as a market leader for talent acquisition and recruitment services to luxury industries such as corporate head offices, retail operations, beauty, marketing and digital and temporary workers. The Company provided these recruitment services globally and actively in the APAC regions, Europe, the Middle East, North America and the United Kingdom.
The Company was largely profitable during the 16 year period since its incorporation until the commencement of the Covid pandemic. The Company began to experience financial difficulties and as a result, work in progress did not convert into placements and fees thus effecting the Company’s working capital cashflows. Accordingly, this period became one of survival rather than growth.
To survive and support working capital cashflow issues, the Company approached its major creditors including HM Revenue and Customs (“HMRC”) to reach an agreement for payments of arrears. The Company also applied to its bank and secured a loan in the region of £2.5m to fund its working capital shortfalls.
Administrators' statement of proposals (2024-06-01) · Companies House register