SFP, the nationwide insolvency practitioners, has undertaken the sale of London-based Target Appointments Limited after the company went into Administration, saving six jobs in the process.
For twenty years Target Appointments has acted as an adviser within the office, retail, horticulture, manual and accountancy recruitment markets for both employers and candidates seeking employment. It had an annual turnover of approximately £900,000.
With the company having accrued debts of around £300,000 owed to HMRC and additional debts to trade creditors, SFP’s Daniel and Simon Plant – both licensed members of the Insolvency Practitioners’ Association – were appointed as Joint Administrators on 5th August 2011 with a sale completing on 8th August 2011.
Simon Plant, Group Partner at SFP, has warned that the recruitment sector evidently remains under pressure: “Target Appointments Ltd represents one of a growing number of insolvencies that we have recently witnessed in the recruitment industry. In this difficult economic climate businesses must make managing their cashflow a number one priority.
“We managed to secure a successful sale of this business to the management, which allowed for a smooth transfer of employment books and processes,” Simon adds.