Adminstrators were appointed to The New Millennium Group Ltd at the end of April claiming that they:
had encountered difficulties after seeing levels of demand for recruitment services in the banking sector drop, as well as issues around meeting its rent obligations
We understand that the company has subsequently been sold although the press release didn’t say to whom.
We have often raised concerns about dealing with payroll / funding companies such as New Millennium and an article on the Factoring for Recruitment Companies website warns about the dangers of dealing with companies such as this that raise their own working capital via a factoring facility and therefore “refactor” their clients invoices.
Hopefully no recruitment companies were inconvenienced by the Administration but it can’t make life easy for recruiters when their payroll / funding company suddenly goes bust which is why we always recommend that recruitment companies that want to outsource their payroll use the facilities of one of the very few factoring companies that also have their own payroll division.