Albany's UK companies go into administration
25th February 2010
The UK Umbrella provider Albany went into Administration on the 10th February 2010 following several days of speculation. It is hoped that contractors and recruiters will get some or all of the money owed to them however doubt remains at the moment.
Albany’s 4 UK companies that entered into the Administration process during the last couple of weeks with a loss of 81 jobs include:
• Albany Management
• Albany Holdings
• Albany EMEA
• Albany Employment Services
It is understood that the financial difficulties at Albany arose because of clients failing to pay their bills on time therefore resulting in a shortage of cash for Albany, which in turn affected the IT contractors involved with the umbrella company.
From discussions we have had with agencies, it is not surprising to learn that they are concerned about this situation repeating itself with other Umbrella companies. We can assure all agencies that payments from them to FPS ' administered umbrella companies are made directly into a UK client account rather than directly into the trading account of FPS. This provides protection to both recruitment companies and their candidates that payment for assignments completed are not affected by the solvency of FPS.
