BusinessBusiness RecoveryBDO brought in as StepStone sinks

BDO brought in as StepStone sinks

BDO Stoy Hayward has confirmed it has been appointed liquidator of the UK subsidiary of online recruitment agency StepStone.

The Norwegian company today said it was to cut more than half of its workforce in a dramatic restructure designed to achieve profitability. Cuts will include 150 staff as a result of StepStone’s reluctance to continue supporting its British site.

A skeleton staff will be retained at the company’s Hammersmith office to assist the joint liquidators Raymond Hocking and Simon Michaels.

Parent company StepStone ASA expanded rapidly during the past two years and has been actively trying to convince investors to continue funding them. But the company’s share price has dropped dramatically from 53.50 Norwegian Kroner in March 2000 to just 0.30 Kroner after today’s announcement.

Prior to liquidation the company had posted a turnover of £8m for 2000. With economic slowdown hitting recruitment and dot.coms, the company will now have an uphill battle to remain afloat.

Nonetheless, the company is hoping its reserves will carry it through this difficult period. StepsStone is keeping its Belgian, Danish, and German operations and the dot.com has said it will grow its businesses in Norway, Sweden and Finland.

Links

BDO Stoy Hayward website

Boo exposes cost of CFO

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