121 jobs saved at recruitment firm

A £25M-TURNOVER recruitment business has been bought after rapid expansion put “unsustainable pressure” on the company, forcing it into administration.

Spectrum Contracting Services, which had offices in Wakefield, Manchester, Liverpool, Birmingham and Durham, has been acquired by Minstrell Recruitment following the appointment of administrators on 6 October 2016.

Efforts to secure further investment in Spectrum had fallen through leaving administration as the only option.

Joint administrators Lila Thomas and Ben Woolrych, partners at FRP Advisory saved 121 jobs out of 131 with the deal.

FRP said they had ensured that any employees who were made redundant received support to put claims through the Redundancy Payments Service.

The transaction also ensured ongoing work for hundreds of temporary agency staff associated with the Spectrum business which is now trading under the Minstrell Recruitment brand.

Lila Thomas, partner and joint administrator at FRP Advisory, said: “This is a great result not just for so many staff, but importantly for all the businesses these recruitment professionals serve up and down the country who can now operate under the Minstrell brand right the way from Manchester, Liverpool and Birmingham, up and across to Wakefield and Durham.

“We are delighted to have found a new owner in the form of Minstrell which we are confident can take this well-known business to its next stage of growth and development. We wish all involved every success for the future.”

TLT Solicitors acted on behalf of the joint administrators with legal advice on the administration and sale. Minstrell was provided with debt finance support from Allied Irish Banks and legal advice from Blacks Solicitors in relation to the acquisition.

Minstrell has offices in London, Leeds, Weybridge and Manchester.

 

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