Anystaff Recruitment Limited is being wound up after administrators from insolvency practitioners SFP failed to find a buyer for the failing recruitment agency, after it amassed a significant number of debts, particularly to HMRC and breeched a company voluntary arrangement (CVA)
The company has now ceased trading, despite an intensive search for a possible buyer.
Set up in 1984, Anystaff supplied around 150 temporary workers a 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. When the CVA was breeched and a payment plan with the HMRC was rejected, the CVA supervisor petitioned for the winding up of the company.
SFP’s Simon Plant and Daniel Plant – both licensed members of the Insolvency Practitioners’ Association – were appointed as joint administrators on 20 February 2015. Together with the valuation agents, SFP 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 trading on 27 February after confirmation from its largest customer, which represented 80% of Anystaff’s turnover, that it had cancelled its contract.
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,’ said Plant.
‘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.’