Wed, 31 Aug 2016 | ADMINISTRATION
Professional services recruitment business PRG Recruitment LLP has been purchased by a new firm in a pre-pack administration.
The new company - Colesco Consulting Ltd - was set up by Margaret Richmond, the former director of PRG, and was incorporated on 2 August, and is headed up by directors Margaret Richmond and Lynne MacDonald.
Colesco purchased the business and assets of PRG from the administrators for an unknown amount and is now operating from serviced offices in Glasgow, the Scottish Daily Record reports.
PRG Recruitment was set up in 2002 by entrepreneur Steve McCutcheon as a professional services recruiter, to specialise in financial services, professional practice, commerce and industry.
Administrators from RSM were drafted in on 16 August, after the business had been struggling with its cash flow. Its accounts for the year ending December 2014 reveal £1.97 million of debt, an increase from debts of £1.13 million recorded for the previous year. The figures are a stark contrast to the reports of McCutcheon's forecast of £10 million in turnover for 2014, after saying revenues for the first six months had reached £4.5 million, showing a 73 per cent year-on-year increase.
Search for businesses for sale
This company specialises in supplying the highest quality natural stone products, offering a complete turnkey solution to its customers from sourcing, through to processing, design and final distribution and delivery. Offers invited.
RELOCATABLE
Precision Engineering Business for sale operating with a modern, well equipped machine shop, offering Engineering Development Modelling (EDM), CNC turning & milling, grinding, boring and fitting. Offers invited.
LEASEHOLD
High quality practice with strong middle management on the market for the first time. Established: 25 to 30 years. Strong middle-tier management to support acquirer throughout the transition period and on an ongoing basis. Locations: Cheshire, Mersey...
|
20
|
|
Sep
|
Thomas Cook seeking 'last-ditch' fire sale | BUSINESS SALE
Thomas Cook Group is reportedly trying to piece together a l...
|
19
|
|
Sep
|
Smith & Williamson and Tilney to merge | MERGER
After revealing in August this year that talks were in place...
|
18
|
|
Sep
|
Infrastructure investment manager takes stake in LJLA | BUSINESS SALE
Infrastructure investment management group, Ancala Partners,...
Sign up to receive our acquisition alert emails to get your FREE guide
|
11
|
|
Sep
|
Controversial green energy firm goes bust and forced to appoint administrators | ADMINISTRATION
A small energy supplier providing green energy to 29,000 hou...
|
05
|
|
Sep
|
Grantham’s Olde Barn Hotel enters administration | ADMINISTRATION
A very highly rated hotel in Lincolnshire has fallen into ad...
|
27
|
|
May
|
P2P firm Lendy enters administration | ADMINISTRATION
A peer-to-peer (P2P) banking firm has collapsed into adminis...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources