Hundreds of jobs are secure after Spectrum Contracting has been sold out of administration to Minstrell Recruitment by FRP Advisory
HUNDREDS OF JOBS are secure after Spectrum Contracting was sold out of administration to Minstrell Recruitment by FRP Advisory.
The transaction secured the jobs for 121 of the 131 staff and ensured the continuation of trading and ongoing work.
Spectrum had been well established as a well-known UK firm over the past decade with an annual turnover of £25m. However, the rapid expansion of the business had put unsustainable pressure on cash-flow and its financial structure. After investment efforts failed Spectrum sought the protection of administration in an immediate sale.
Partners at FRP Advisory, Lila Thomas and Ben Woolrych, were appointed on 6 October as joint administrators for Spectrum.
Lila Thomas, partner and joint administrator at FRP Advisory, said: “This is a great result for staff and all the businesses that these recruitment professionals serve, who can now operate under the Minstrell brand. We are confident that Minstrell can take this well-known business to its next stage of growth and development.”
The Spectrum Contracting Services business operates in the construction, rail, technical and engineering sectors across premises in Manchester, Liverpool, Birmingham, Durham and Wakefield. They are now trading under the Minstrell Recruitment brand which currently has offices in London, Leeds, Weybridge and Manchester.
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.