Recruiter places ‘phoenix’ firm into liquidation just months after repurchase erased millions in debt
A recruitment executive who bought back his failed company's assets in instalments after it collapsed owing nearly £3m has now placed the new firm into liquidation, having quickly fallen behind on the repayments he had promised. The case highlights renewed concern over "phoenixism", the legal but contentious practice of liquidating a company to let its directors relaunch debt-free under a new entity, which HMRC estimates costs UK taxpayers hundreds of millions of pounds annually.
Premier Group Recruitment entered administration in September 2025 owing £2.9m, including £647,000 to HMRC. Three days later its assets were bought by PGGBR Ltd, a new company set up by Andrew Woosnam, Premier's 99% shareholder, who paid £10,000 upfront and pledged a further £600,000 in monthly instalments over two years. PGGBR has since made redundancies affecting at least half its staff, with reports that those let go were not paid, while Woosnam – who took a £1.2m director's loan and almost £2m in dividends from Premier – is reportedly planning to launch another new company. Research cited in the article, including a 2014 UK government-commissioned study, shows insolvencies involving connected-party buybacks with deferred payments fail at more than double the rate of other cases.
- Recruiter's "phoenix" firm PGGBR liquidated months after buying back bust company's assets
- Owner Andrew Woosnam made redundancies, reportedly leaving staff unpaid
- Case fuels scrutiny of "phoenixism", which costs UK taxpayers hundreds of millions yearly
Both sides, in good faith
The strongest fair case each way — we don't pick a winner.
The case for
A connected-party buyback can preserve a viable business, jobs and client relationships that might otherwise disappear in insolvency, while staged payments may make a rescue possible when an upfront purchase is unaffordable. If the process is properly scrutinised and payments are honoured, a new company can offer a practical route to continuity and eventual repayment to creditors.
The case against
When former owners can acquire assets through a new company while debts remain unpaid, creditors and taxpayers may bear losses while the same people retain the business’s value. The reported missed instalments, redundancies and unpaid staff strengthen concerns that deferred buybacks can shift risk onto creditors and workers, especially where safeguards and enforcement are inadequate.