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FRP Advisory LLP secures sale of six recruitment businesses

26 April 2011

FRP Advisory has facilitated the sale of a group of recruitment businesses, comprising two limited liability partnerships and four companies, saving more than 50 permanent and 1,300 temporary jobs across the UK.

The companies - Options Employment Southern LLP, Options Employment Solutions LLP, Sheridan Maine Ltd, Options Employment (North) Ltd, Flame Employment (North) Ltd and Flare Recruitment Ltd – entered into administration on 6 April 2011, with the appointment of Joint Administrators, Geoff Rowley and Jason Baker, partners at FRP Advisory, the specialist restructuring, recovery and insolvency firm.

The companies operate from 12 offices throughout the UK, including London, Southampton, Haywards Heath, Basingstoke, Glasgow, Chiswick, Wakefield and Bristol.

• Sheridan Maine Ltd and Options Employment (North) Ltd have been acquired by subsidiaries of the Network Group, on 15 April and 19 April respectively.
• Options Employment Solutions LLP and Options Employment Southern LLP was sold to Spring Payroll Ltd on 15 April.
• Flare Recruitment Ltd was sold to Recroot Ltd on 18 April.
• Flame Employment North Ltd has today been acquired by Solsbury Solutions Ltd.

Commenting on the deal, Geoff Rowley said: “The companies had suffered a liquidity crisis – performance has remained relatively strong, but financial difficulties had impacted cashflow. To protect the underlying value of the business, it was agreed with the directors that the best course was to enter the group into administration, while continuing to trade each business while buyers were sought in short order.

“The companies have sound client bases and, under new ownership, will be able to prosper. As such, we have been able to negotiate a successful sale of all parts of the group to local and national recruitment agencies – both directly and indirectly safeguarding more than 1,300 jobs.”  

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