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Director buys assets

PRG Recruitment sold after cash runs out

Steve McCutcheonMargaret RichmondPRG Recruitment has been sold to a consultancy after calling in administrators.

RSM was appointed on 16 August and the assets of PRG sold to Colesco Consulting set up by former director Margaret Richmond (pictured).

It is understood that fellow director Lynne Macdonald has joined Ms Richmond in the new business.

PRG was set up in Glasgow and Edinburgh by entrepreneur Seven McCutcheon (pictured) in 2002 to target the professional services but is thought to have run into cash flow problems.

Colesco, which was registered earlier this month, has acquired the business and assets in a pre-pack administration for an undisclosed sum and is now trading from serviced offices in Glasgow.

It is understood that seven staff have left the business while 22 full time staff and many temporary workers have been retained.

Paul Dounis and Adrian Allen of RSM Restructuring Advisor were appointed Joint Administrators.

Mr Dounis, RSM Restructuring Advisory partner, said: “Preserving the value of the business and continuity of service to key clients were our key priorities and we are extremely pleased to have been able to achieve both objectives.

“The deal allows for the preservation of a long established business and saves a number of jobs in Scotland.”

Ms Richmond said: “Launching Colesco Consulting has enabled a talented, dedicated and high performing team to continue to deliver a quality service, focused on working in partnership with both our clients and candidates. 

“The word Colesco means to join and grow together and with the experienced team, that offers continuity to our candidates and clients, we are delighted that it enables us to secure the future in our specialist areas.”

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