Jobs saved as Armstrong Craven acquired by research group
A buyer has been secured for Altrincham-based recruitment services firm Armstrong Craven after it entered into administration.
Martyn Rickels and Anthony Collier of specialist advisory firm FRP Advisory were appointed as Joint Administrators to Armstrong Craven Limited on 22 March 2024, and immediately secured a sale of the business and its assets to recruitment research firm Colvill Banks Limited, part of the Mumbai-headquartered WhiteCrow Research Group.
The sale will see all 67 members of staff transfer to the purchaser while customer contracts will continue to be serviced and will operate independently within the WhiteCrow family of companies.
Armstrong Craven provides talent mapping services for what the business says are “Global Fortune 500 and FTSE clients, in over 120 countries across the world.”
Prems Srampical, Founder of WhiteCrow, said: “This partnership signifies a remarkable milestone in our commitment to delivering unparalleled talent solutions on a truly global scale. We are thrilled to welcome Armstrong Craven to the WhiteCrow family and look forward to maximising the opportunities that lie ahead.”
Rachel Davis, chief executive of Armstrong Craven, added: “Joining forces with WhiteCrow enables us to offer our valued clients an even broader range of services, expertise and global reach. This partnership reinforces our dedication to delivering exceptional solutions tailored to the evolving needs of the HR and talent acquisition landscape.”
Martyn Rickels, Partner at FRP and Joint Administrator of Armstrong Craven Limited, said: “It’s brilliant to have secured a buyer for the Company and we’ll continue to work with the management team to ensure a smooth transfer of all employees and customers. We wish the team every success for the future.”
In the last set of accounts to the year end December 2022 the business reported a loss of £287k on £9.4m turnover, with interest payments of £179, 828.
In 2022 the business employed 102 people and has a presence in New York, Singapore, Zurich, Geneva and London.
A “going concern” note to the accounts acknowledged that trading continued to be tough into 2023, outlining net liabilities of £2, 180, 777, consisting of loan notes outstanding with the directors and shareholders, payable in 2025.
“Due to the uncertain economic environment the company has seen a reduction in revenue subsequent to the year end, which has seen increases in the losses within the company. The directors have taken action to reduce costs and return the company to profitability.”
In 2022 TheBusinessDesk.com reported that the business had found a new home for its headquarter offices at newly refurbished 3 Barrington Road in Altrincham, taking space on the fourth floor, as the business said it had “more than doubled in size since January 2021”.
