The Ultimate Recruitment Company has fallen victim to the recession, according to one of its founders Roddy Watt.

Watt, who founded hospitality recruiter Berkeley Scott in 1984, told Recruiter that the recruitment agency ceased trading in November, resulting in the closure of its Scottish and London offices after its property sector backers became nervous as the recruitment market began to collapse in October.

Launched in Scotland in November 2007 and in London in July 2008, the staffing firm’s consultants have found work at a number of different agencies including Stafffinders, Reed, Berkeley Scott, Chess Partnership and City Catering, Watt added. Watt has been appointed to the board at retail recruiter Retail HR, which has moved into the hospitality sector.

Out of the ashes of the firm, a financial recruiter has emerged, Watt said. Ultimate Banking has been set up by directors Tim Betts and Claire Phillips. Watt commented that the consultants, using the Ultimate name, were “a talented group of people and have as much chance of success as anyone else”, adding that they know the market well and he saw no reason why they should not succeed but it will be hard for them.

Watt, who admitted losing a six-figure sum, expressed his dismay at the company’s demise. “I was very dissappointed. The business was
born in so much hope 18 months ago. It was set up by very talented people. It was ultimately down to the timing more than anything else.

“In July 2007, no-one could conceivably see what was coming. I was very upset. It is not something I would care to repeat or wish on anyone else. In the final analysis, there was not a lot anyone could do.”