Crystal Umbrella Services Ltd has gone into administration. On 28 October 2010 Asher Miller and Henry Lan, of David Rubin & Partners LLP were appointed as joint administrators. Crystal Umbrella Services Ltd has however, been bought by another company owned by its own parent group. Spokesmen for the company have been quick to say that they have done this as the group is ‘restructured’ and ‘continues to do business as normal’ although questions still remain as to what the eventual outcome of the situation will be.
David Bailey. Chief finance officer at Crystal Umbrella Services has stated that: “Crystal Umbrella itself has not gone into administration. We are pleased to announce the restructure of the group.”
Mr. Bailey, along with two other people have all become owner directors in the hope of bringing substantial management and investment experience to the company. They maintain that the move into administration has not affected any worker or agency and in the first 2 weeks of the restructuring process they continued to pay over a thousand contractors in full and on time.
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.”
They are hoping that the overall restructure will bring finance and resource at a time of continuing change for the industry and will invest in new systems and technology.
If Crystal Umbrella Services Ltd has defaulted on its tax obligations, It has yet to be seen if the HMRC will attempt to recover their losses from agencies or workers
