Scottish recruitment firm PRG has been sold in a pre-pack deal after falling into administration.
The company, founded in 2002 by chief executive Steve McCutcheon, has been bought by Colesco Consulting, a newly registered business headed by former PRG executives Margaret Richmond and Lynne Macdonald.
The sale was handled by Paul Dounis and Adrian Allen of RSM Restructuring Advisory who were appointed joint administrators of PRG last month. They said the sale protected the jobs of 22 full-time staff and many temporary workers at the Edinburgh-headquartered firm.
Dounis 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.”
Richmond, who previously headed up PRG’s Glasgow office and is now managing director at Colesco Consulting, said the sale had “enabled a talented, dedicated and high performing team to continue to deliver a quality service”. Macdonald is operations director of Colesco after spending six years as an associate director at PRG.
PRG specialised in recruitment in sectors including accountancy and finance, business change and IT with clients in industries including oil and gas.
Last year, McCutcheon signalled ambitions to grow to a £50 million business by 2020 after he said turnover rose by more than 70 per cent to £10m in 2014. The firm had planned to open further offices but is understood to have suffered cashflow problems.