Recruiter places ‘phoenix’ firm into liquidation just months after repurchase erased millions in debt
Summary
A recruitment company that owed nearly £3 million went into administration. Its main owner bought the company's assets by promising to pay off the debt in monthly instalments but has now placed the new business into liquidation after failing to keep up with payments.Key Facts
- Premier Group Recruitment went into administration in September 2025 owing £2.9 million, including £647,000 to tax authorities (HMRC).
- The recruitment firm's main shareholder, Andrew Woosnam, bought the assets through a new company called PGGBR Ltd, paying £10,000 upfront and promising £25,000 monthly payments for two years.
- Despite initial business activity, PGGBR fell behind on repayments and went into voluntary liquidation in early 2026.
- Woosnam received a £1.2 million director’s loan from the original company and took nearly £2 million in dividends since 2022.
- Around half the staff were made redundant in July, with reports that some employees were not paid.
- Woosnam appears to be planning to start another recruitment company, changing the name of an existing business from PGUSA to PGREC.
- Research shows that when company assets are bought back by connected parties with deferred payments, failure rates are much higher.
- The practice of “phoenixism,” where directors start new companies after liquidation to erase debts, is legal but controversial and costs taxpayers hundreds of millions of pounds annually.
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