PSR Contract Solutions Limited (06120765): administration
- Status
- Administration ended
- Administration began
- 2023-08-01
- Administrators
- William Innes, Rebecca Makaruk
- Administrators' firm
- Kroll
- Incorporated
- 2007-02-21
- Location
- Birmingham
- Industry
- 78109 Other activities of employment placement agencies
Why it went into administration
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Pension deficit
- Competition / price pressure
From the administrators' statement
• The Company has been affected by a number of factors over recent years, which have culminated in the Company's inability to continue to pay its debts as and when they fall due.
• The Company had difficulties generating customer invoices resulting in increased debtor payment days due to data migration issues following the integration of its IT systems.
• The data issues also caused system errors submitting HMRC returns resulting in significant arrears impacting cash flow and profitability in the financial years FY22 and FY23.
Administrators' statement of proposals (2023-08-24) · Companies House register