HM Revenue & Customs is seeking to recover about £90 million in unpaid taxes from temporary staffing business Challenge Recruitment Group, after the company was rescued from insolvency in an £18 million pre-pack administration deal.
The US workforce platform swipejobs acquired Challenge’s core assets in July, taking over contracts with major UK clients including Tesco, Sainsbury’s and Co-op. Administrators FRP confirmed that the deal paid £4.9m for Challenge’s contracts and £12.7m to secured lenders Close Brothers and Praetura Asset Finance, repaying private funders in full.
By contrast, HMRC and other unsecured creditors are expected to recover only a fraction of what they are owed.
According to FRP’s report, four…