Red Planet Payroll Services Ltd (08726581): administration
- Status
- Administration ended
- Administration began
- 2019-01-02
- Administrators' firm
- Cowgill Holloway Business Recovery
- Formerly
- Sedulo Payroll Services Limited; Sedulo Sport & Media Limited
- Incorporated
- 2013-10-10
- Location
- Bolton
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- HMRC / tax arrears
- Competition / price pressure
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
- Property / lease costs
From the administrators' statement
Red Planet Payroll Services Ltd (“the Company”) was incorporated on 10 October 2013 under the directorship of Paul Cheetham-Karcz (“PCK”). The business originally traded under the name of Sedulo Sport & Media Limited until June 2015, when it changed its name to Sedulo Payroll Services. During November 2017, there was a purchase of the Company by the current Director from PCK.
The Company operated as an umbrella payroll services company which is already a well-established part of the intermediary and staffing sector. The Company had two major customers which accounted for circa 85% of the total income generated by the business, with the remainder 15% of income generated by approximately 40-50 smaller customers.
The Company effectively provided staff to a number of front facing agencies. These staff would be given placements, (generally, these would be teachers in schools) and operated on a 365 hour contract. A 365 hour contract is the minimum amount of placement hours to be provided during a period of a year to employees. Although the Company placed the employees in the various placements, the administrative function and ancillary duties was completed by Red Planet Business Services Limited (“RPBS”) which would in turn charge a fee to the Company for completing these functions and duties. In addition, the Company would charge a fee to the front facing agencies, whom would in turn invoice the customer for the placement.
Administrators' statement of proposals (2019-01-22) · Companies House register