F10 Search & Selection Limited (07733514): administration
- Status
- Administration ended
- Administration began
- 2018-09-19
- Administrators
- Timothy John Edward Dolder, Steven John Parker
- Administrators' firm
- Opus Restructuring
- Formerly
- 2Mtech Holdings Limited
- Incorporated
- 2011-08-09
- Location
- Milton Keynes
- Industry
- 78109 Other activities of employment placement agencies
From the administrators' statement
Following the receipt of monies from shareholders in May 2017 the Company took steps to restructure the business as planned, with the aim being for the Company to transition to operating in the SME marketplace with a wider client base that employed faster hiring processes. The success of this move would be dependent on the Company's ability to generate sufficient new business to begin operating profitably once again.
Unfortunately, two key senior consultants left to form their own company in June 2017, thus leaving the Company with an inexperienced team to undertake the move to the SME marketplace. Additionally, the main new business consultant was headhunted to an alternative position, further impacting the Company's ability to win the new business required,
Whilst finding new companies to represent, the Company was unable to achieve sufficient trading performance to reliably generate profit each month. When the request to shareholders for more investment was declined, the directors decided to take professional advice. Following an initial meeting with Steven John Parker of Opus Restructuring LLP, the directors went away to consider the best route forward. However, the June 2018 management accounts did not show any improvement. The directors then decided, under advice, to instruct Opus Restructuring LLP to place the Company into Administration.
Administrators' statement of proposals (2018-11-08) · Companies House register