Crystal Umbrella Services Ltd enters administration as group restructures
Umbrella company Crystal Umbrella Services Ltd has entered administration and has been bought by another company owned by its own parent group and, according to a company spokesman, “continues to b
Umbrella company Crystal Umbrella Services Ltd has entered administration and has been bought by another company owned by its own parent group and, according to a company spokesman, “continues to be open for business as usual”.
On 28 October, Asher Miller and Henry Lan, of David Rubin & Partners LLP were appointed as joint administrators.
Crystal Umbrella Services’ move into administration was part of a group restructuring, David Bailey, chief finance officer at Crystal Umbrella Services, told Recruiter. “Crystal Umbrella itself has not gone into administration. We are pleased to announce the restructure of the group.
“Three of us including myself have joined the board bringing substantial management and investment experience to the company. We are all now owner directors. The method of undertaking, the restructure, did put Crystal Umbrella Services Ltd, which is just one of our many group services into administration but that business and all of the clients and everything else transferred in one minute into the new company.
“No worker or agency has been affected. They have all been notified. Crystal Umbrella continues to be open for business as usual. In the last two weeks since that restructuring, we have continued to pay 1,000+ contractors on time and in full.”
Chief executive Colin Howell adds: “Crystal Umbrella Ltd has up until now been owned and run by myself and Alan Little. At the end of October, we brought in three new directors who have also invested in to a new company within the business centre.
“Crystal Umbrella Services Ltd was also owned and run my myself and Alan Little, and was part of a group of companies under the same controlling party which included a holding company ALCO Holdings Limited.
“Aqua Bubble Ltd is a new company incorporated to continue to process and manage the contracts of our flexible workforce. This company also trades as Crystal Umbrella.
“This restructure brings finance and resource at a time of continued change for the industry…We will use this opportunity to improve our infrastructure and invest once again in new systems and technology.”
