SFP, the nationwide insolvency practitioners, has overseen the successful sale of the Key Personnel Group Ltd after the recruitment firm ran into financial difficulties and has secured 18 jobs in the process. This is the second managed sale of a recruitment agency by SFP in as many weeks.
Key Personnel Group Ltd is based in Nottingham and recruits mainly for the East Midlands, with the office, finance and marketing sectors representing its main areas of expertise. It counts Nottinghamshire County Council as one of its bigger clients. The company has an annual turnover of approximately £4million.
SFP’s Simon and Daniel Plant – both licensed members of the Insolvency Practitioners’ Association – were appointed Joint Administrators on 29th July 2011 after the company ran up debts in excess of £400,000. Key Personnel was sold to a third party on 2nd August 2011.
As the recruitment sector has been impacted by the public sector spending cuts, cashflow difficulties can often arise as they did with Key Personnel, says Daniel Plant, Group Partner, SFP: “Keeping a close eye on finances is imperative for many businesses in recruitment right now as failing to do so can impact on its survival.
“We managed to turn around a successful sale of Key Personnel which allowed for a continuity of staff supply for its customer base and the preservation of jobs for its employee book,” Daniel adds.
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