The nationwide insolvency practitioners SFP, has been appointed Administrators to Anystaff Recruitment Limited after the firm amassed a significant number of debts.
The company has subsequently ceased trading, despite an intensive search for a possible buyer.
Established in 1984, Anystaff Recruitment Limited began trading in general recruitment and moved to the food industry during the early 90s. It supplied in excess of 150 temporary workers each week to a small number of major customers. The loss of one of these customers, however, severely impacted turnover and HMRC arrears began to accrue.
A Company Voluntary Arrangement (CVA) was agreed but breeched, and payment plan with the HMRC was rejected. The CVA supervisor petitioned for the winding up of the company, and SFP’s Simon Plant and Daniel Plant – both licensed members of the Insolvency Practitioners’ Association – were appointed as Joint Administrators on February 20th, 2015.
SFP, together with the valuation agents, actively marketed the business for sale and spoke to three interested parties. Having contacted the Gangmasters Authority, the Administrators continued to trade the business to maximise returns for creditors. The company ceased to trade on February 27th after confirmation from its largest customer, which represented 80% of Anystaff’s turnover, that it had moved its business elsewhere.
Simon Plant, joint administrator, said that SFP did all that it could to save the business. “The over-reliance on one major customer representing such a huge percentage of its turnover meant that Anystaff could not survive without its ongoing support,” he said.
“Although we continued to trade the business, pay the staff, and seek a going concern sale, there were simply no assets of any value to sell once the close down scenario became the only viable option. It is disappointing that a buyer could not be found, but by winding the business down in an orderly fashion we have managed to maximise the position for creditors.”