PRG Recruitment LLP bought in a pre-pack administration

Professional services recruitment business PRG Recruitment LLP has been purchased by a new firm in a pre-pack administration.

The new company - Colesco Consulting Ltd - was set up by Margaret Richmond, the former director of PRG, and was incorporated on 2 August, and is headed up by directors Margaret Richmond and Lynne MacDonald.

Colesco purchased the business and assets of PRG from the administrators for an unknown amount and is now operating from serviced offices in Glasgow, the Scottish Daily Record reports.

PRG Recruitment was set up in 2002 by entrepreneur Steve McCutcheon as a professional services recruiter, to specialise in financial services, professional practice, commerce and industry.

Administrators from RSM were drafted in on 16 August, after the business had been struggling with its cash flow. Its accounts for the year ending December 2014 reveal £1.97 million of debt, an increase from debts of £1.13 million recorded for the previous year. The figures are a stark contrast to the reports of McCutcheon's forecast of £10 million in turnover for 2014, after saying revenues for the first six months had reached £4.5 million, showing a 73 per cent year-on-year increase.

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