Recruiter who was allowed to buy back his insolvent firm falls behind on payments after offering staff Vegas trip
Summary
A recruitment company that owed nearly £3 million went into administration and its main owner bought back the business in instalments. The new company promised to pay off debts but has fallen behind on payments after offering staff a paid trip to Las Vegas. Administrators hope to recover the money owed by using property assets and new payment plans.Key Facts
- Premier Group Recruitment went into administration owing £2.9 million, including £647,000 to the tax authority (HMRC).
- The company’s main shareholder, Andrew Woosnam, bought the business assets for an initial £10,000 plus monthly £25,000 payments planned over two years.
- The new company announced an all-expenses-paid staff trip to Las Vegas in 2026.
- Payments have fallen behind due to startup costs and lower-than-expected revenue.
- Woosnam still owes £1.2 million from a director’s loan related to the old company and had taken nearly £2 million in dividends since 2022.
- Administrators rejected another buyer’s offer that might have quickly returned money to creditors.
- Phoenixism, the process of closing and restarting companies to shed debts, is legal but controversial and may cost taxpayers.
- Administrators are confident they can recover the owed money by using a charge on Woosnam’s property and by his recent setup of monthly payments.
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