SFP, the nationwide insolvency practitioners, has finalised the sale of Speedy Contractors Limited which was placed into Administration after accruing large debts. The company was bought by Speedy Specialists Limited.
Speedy Contractors, which employs two full-time members of staff, is based in London and provides specialist labour to construction sites, primarily for the movement of glass and plasterboard material. It has been operating in the recruitment industry for eight years and has an annual turnover of approximately £1.6million.
With the company having accrued debts of around £170,000 owed to HMRC, SFP’s Daniel and Simon Plant – both licensed members of the Insolvency Practitioners’ Association – were appointed as Joint Administrators on 2nd August 2011.
Daniel Plant, Group Partner at SFP, warns that the recruitment sector has witnessed mixed fortunes in recent times: “We have been appointed to a number of insolvencies in the recruitment industry over the past couple of weeks; equally, there are also a good many recruitment companies prospering. However, it remains crucial that businesses don’t lose sight of their finances or let their cash-flow become tied up.
“In the case of Speedy Contractors Limited, we were fortunate enough to secure an appropriately quick sale of the business and its assets on the 3rd August,” Daniel adds.
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