£309,461.91 sold for £5,000

Hacker Young administrators confirm Pharmasmart (the parent company to SSC and I-HS recruitment companies) went into administration on the 3rd December 2009 owing the taxpayer £309,461.91 and was sold to Urbanflame Ltd on the 10th December 2009 for £5,000.

Quote from Hacker Young “The only asset of the Company is Goodwill of £5,000 which has been paid in full”.

Urbanflame was a newly formed company on the 5th November 2009, with one of the previous shareholders of PharmaSmart becoming Director of Urbanflame on the 9th December. On the 11th December 2009 Urbanflame renamed itself as Resources Services (UK) Ltd.

There is no disclosure on the shareholding of Resources Services (UK) Ltd.

Statement on the I-HS website is: “This month IHS and SSC have been relaunched as a new company with the financial backing of joint venture partners McGinley Services Group.

IHS was acquired by Resourcing Services (UK) Ltd in 2009 which is part of the McGinley’s Support Services group? and the statement on McGinley web site: “Following the launch of the new holding company, McGinley Group Limited through the operating subsidiary Resourcing Services (UK) Limited, has recently backed the purchase of SSC and IHS to strengthen their presence in the Healthcare and Pharmaceutical markets.”

2007 accounts (2008 not submitted) for Pharmasmart show turnover of over £4.6 million, no statement has been released on the forward trading value of January invoicing for candidates placed, or of contractors transferred when Urbanflame Ltd purchased Pharmasmart Ltd for £5,000.