Mon, 22 Apr 2024 | BUSINESS SALE
Armstrong Craven Limited, a recruitment services firm based in Altrincham, has been acquired out of administration. The firm provides talent mapping services for customers including FTSE and Global Fortune 500 companies in more than 120 countries worldwide.
As of 2022, the company employed 102 staff, with offices in London, Geneva, Singapore, Zurich and New York. However, it had suffered in recent years as a result of an “uncertain economic environment”.
In Armstrong Craven’s last available set of accounts, for the year end December 2022, it reported turnover of £9.4 million, but fell to a loss of around £287,000. In the accounts, the company stated that trading had remained tough at the outset of 2023 and that its net liabilities totalled slightly over £2.18 million.
The company stated: “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.”
The company fell into administration on March 22, with joint administrators Martyn Rickels and Anthony Collier of FRP Advisory immediately securing a sale of the business and its assets to Colvill Banks Limited, a recruitment research firm that forms part of the Mumbai-headquartered WhiteCrow Research Group.
The acquisition sees all 67 members of staff transfer to the buyer, while customer contracts will continue to be serviced, with the firm operating independently within the WhiteCrow group.
Rachel Davis, chief executive of Armstrong Craven, commented: “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.”
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.”
Joint administrator and FRP partner Martyn Rickels added: “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.”
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This practice is available for sale. The principal would be available to assist in the transition period to ensure a smooth handover of clients.
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