SFP, the nationwide insolvency practitioners, has overseen the sale of Arnashade Recruitment Ltd to the Staffline Group for an undisclosed amount. Arnashade Recruitment went into Administration after experiencing financial difficulties and a lack of cashflow.
The Milton Keynes-based company recruited temporary workers for various commercial industries, including major contracts with Northern Foods, Flamingo Flowers and Whitworths. It employed five staff at its offices, had around 900 temporary contract workers on its books and operated with an annual turnover of approximately £9 million. All permanent staff have kept their jobs in the sale of the business and it is also anticipated that the majority of the temporary staff will be taken on by the purchaser.
Arnashade Recruitment Ltd went into administration after accruing debts of more than £600,000 owed to Her Majesty’s Revenue and Customs (HMRC). SFP’s Simon and Daniel Plant – both licensed members of the Insolvency Practitioners’ Association – were appointed Joint Administrators on 15th July 2011, with a sale taking place on 22nd July 2011.
Simon Plant, Group Partner at SFP, explains: “It was unfortunate that Arnashade struggled due to a lack of cashflow at a critical time. However, we managed to secure a sale of the business as a going concern, ensuring continuity of supply for its customer base and the preservation of jobs.”
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