SFP, the nationwide insolvency practitioners, has secured the sale of another two recruitment firms: Teddington-based Thejobscompany.co.uk Limited, and Empire ML Limited in Chiswick after they both experienced financial difficulties. All jobs have been saved in the process.
Thejobscompany.co.uk Limited employed 15 permanent staff and had run up debts of approximately £550,000 to creditors. Empire ML Limited, which employed 12 permanent staff, had debts in excess of £300,000.
SFP’s Daniel and Simon Plant – licensed members of the Insolvency Practitioners’ Association – were appointed as Joint Administrators on 8th August 2011 with a sale taking place on 12th August 2011.
Daniel Plant, Group Partner at SFP, has suggested that companies inability to adhere to the Government’s ‘Time To Pay’ scheme could have been responsible for the recent failure of a number of businesses that owed large debts to Her Majesty’s Revenue and Customs: “The Time To Pay initiative is now having repercussions for those businesses that didn’t make financial provisions when they should have, and are now suffering the unfortunate consequences.
“In the case of these two recruitment firms, we managed to secure a sale of both companies and save both the jobs and client base in the process,” Daniel adds.