| Recruitment firm Hat Pin in administration |
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| Wednesday, 14 May 2008 | |
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AIM-listed recruitment consultancy Hat Pin Plc has called in the administrators
The board announced that on 13 May 2008 Geoffrey Rowley and Nicholas O'Reilly from accountants Vantis were appointed as joint administrators to the company. Subsidiaries trading normally Bob Morton, who was appointed non-executive chairman on 4 March 2008 after the resignation of Terry Hitchcock, resigned on 2 May 2008 along with non-executive director Peter Walker. The subsidiaries of Hat Pin plc (LSE:HTP) have not been placed into administration and continue to trade in the normal course of their business. The joint administrators will be undertaking a review of the company's assets with a view to realising value in due course for the company's creditors. Trading in the company's share has been suspended since February, when the CEO and finance director left Hat Pin after accounting errors came to light. Hat Pin’s trading companies have 11 offices across markets in the UK, Europe and Asia that undertake executive search for senior management roles for sectors including corporates, financial services, government and academia. The firm was floated on the AIM market in 1996. Accounting errors The board of Hat Pin announced on 21 January 2008 that group profits for the financial year ended 31 December 2007 were anticipated to be around 25 per cent below market expectations. Hat Pin said after the second profits warning this year that its chief executive Angela Campbell-Noë and finance director Paul Billett had indicated their intention to resign on the date of the announcement of the preliminary results. Related articles Related links |
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