Lincoln Realisations Ltd (08311070): administration
- Status
- Administration ended
- Administration began
- 2020-12-23
- Administrators
- Christopher Lewis, Damian Webb
- Administrators' firm
- RSM
- Formerly
- WE ARE Aspire Limited; PFJ Richmond Limited
- Incorporated
- 2012-11-28
- Location
- Birmingham
- Industry
- 78109 Other activities of employment placement agencies
Why it went into administration
- COVID-19
- HMRC / tax arrears
- Sustained trading losses
- Parent or group failure
From the administrators' statement
The Company was incorporated in November 2012 and in January 2019 acquired the business and assets of WAA Realisations 2019 Limited (then named We Are Aspire Limited) from its Joint Administrators. The Company is a subsidiary of the Aspire Global Network Limited (‘AGN’) group (‘Group’). No other company within the Group is affected by the administration.
The business had been founded in 1999 and provided staffing and recruitment services primarily focussed on permanent and temporary placements in the digital, media, marketing and research sectors. In the 12 months to 31 December 2019 the Company made a small profit.
Unfortunately, the Company has been severely affected by the impact of the Covid-19 pandemic from March 2020, resulting in a substantial loss of £856k in the 10 months to October 2020. The pandemic impacted all sectors where the Company operates, in particular conferences and events and graduate recruitment. Fifty percent of the workforce was placed onto furlough in March 2020 and subsequently made redundant in July 2020, and the Company reviewed and reduced its other overheads.
Administrators' statement of proposals (2021-01-25) · Companies House register