Broadreach Recruitment Limited (09768332): administration
- Status
- Administration ended
- Administration began
- 2024-09-06
- Administrators
- Rachel Hotham, Richard Alan Warwick
- Administrators' firm
- The Logistics Partnership
- Incorporated
- 2015-09-08
- Location
- Taunton
- Industry
- 78300 Human resources provision and management of human resources functions
Why it went into administration
- HMRC / tax arrears
- Sustained trading losses
- Cash flow / liquidity pressure
- Rising interest rates
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 8 September 2015 and started trading in November 2015 providing temporary and permanent recruitment services to the construction, engineering and marine markets. Initial cash to support trading and set up costs was introduced by The Logistics Partnership LLP (“TLP”), and similar support was provided over the following years of trade. In addition to the cash injection from TLP, the Company financed its book debts with Barclays Bank (“Barclays”) to aid cashflow.
As is common with most businesses, a large loss was incurred in the startup year,
however, as the business became more established and began to grow it started to achieve small profits. By the year ended 31 October 2022 the Company was beginning to reduce the retained losses on its balance sheet, having been profitable in both its years ended 2021 and 2022.
Administrators' statement of proposals (2024-09-20) · Companies House register