Business

UK recruitment biz Coal Intelligent Technology ceases trading

Contractors and staff may be left out of pocket

By Kat Hall

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Contractors and employees at London-based tech recruitment outfit Coal Intelligent Technology may be left out of pocket after the company ceased trading yesterday.

A letter from the administrator to contractors seen by the The Register, said the company went into administration on 10 February.

It said: "The Administrator is unable to say for sure that you will be paid for the work done for the company prior to the appointment."

One contractor got in touch to say they could lose two months of invoices as a result. "This is the first time it has happened to me in 16 years of contracting."

The Register understands Coal had around 60 contractors on its books before going into administration. A number of full-time employees are also thought to be significantly affected by the administration.

A further letter sent on 15 February, said that despite efforts to do so, the administrator "has not been able to complete a sale of the company’s business and assets as a going concern and the Company has now ceased to trade."

In its last Companies House filing for the full year 2015, Coal reported a turnover of £15.6m and a pre-tax profit of £256,000.

The Register spoke to Coal Intelligent Technology, which confirmed the administrators had been appointed. ®

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