MC2 Technical Recruitment Limited (05337496): administration
- Status
- Administration ended
- Administration began
- 2014-08-19
- Administrators
- Gillian Margaret Sayburn, Andrew D Haslam
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2005-01-19
- Location
- Newcastle upon Tyne
- Industry
- 78200 Temporary employment agency activities
Why it went into administration
- Loss of a key customer, supplier or contract
From the administrators' statement
The Company's current management team took over the day to day running of the business in 2009 At that time the Company supplied engineering, construction and manufacturing staff for the oil and gas industry both at home and overseas in areas such as South Afnca, Malaysia and Libya In September 2013 the opportunity arose for the Company to purchase Network Employment Consultancy (“Network’), a recruitment business based in North Yorkshire This business supplied permanent and temporary staff into a number of different markets The Directors believed that this business complimented the existing business and that an amount of cross selling could be achieved
The Company had historically operated profitably and continued to do so following the acquisition of Network However, in early 2014 the Company encountered difficuities in recovenng a debt form one specific customer
tn the oll and gas part of the business At its peak the outstanding debt reached £18 million As the debtor was based overseas, legal recovery of the debt would have proved costly and the Company therefore had to Tely on continual negotiations to obtain payment This had a significant impact on the Company’s cash flow to such an extent that the Company's bankers commisstoned a review of the Company's overall financial position
Administrators' statement of proposals (2014-10-14) · Companies House register