Solution Recruitment Limited (05188843): administration
- Status
- Administration ended
- Administration began
- 2024-09-02
- Administrators' firm
- Verulam Advisory
- Incorporated
- 2004-07-26
- Location
- St Albans
- Industry
- 78109 Other activities of employment placement agencies
Why it went into administration
- COVID-19
- HMRC / tax arrears
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
3.1 The Company was established in 2004 and operates in the recruitment business specialising in placing white collar workers in the construction and design sectors.
3.2 The Company's current financial woes stem back to the Covid-19 pandemic during which the Company built up significant borrowings due to a downturn in its business. The Company has not been able to keep up with the commitments flowing from those borrowings and is in arrears with an HMRC 77P arrangement.
3.3 The Company is currently insolvent within the meaning in section 123 of the Act and is shortly expected to go into administration. The directors of the Company have been advised by the Administrators and their firm, Verulam Advisory, in respect of the various options that might be available to the Company with a view to seeking the best possible outcome for the Company and its creditors.
Administrators' statement of proposals (2024-11-15) · Companies House register