PGGBR Falls Behind on £600,000 Asset Deal as Premier Founder Still Owes £1.2 Million
Updated
Updated · The Guardian · May 31
PGGBR Falls Behind on £600,000 Asset Deal as Premier Founder Still Owes £1.2 Million
1 articles · Updated · The Guardian · May 31
Summary
PGGBR Ltd has slipped behind on the £25,000 monthly instalments Andrew Woosnam promised after buying assets from insolvent Premier Group Recruitment, whose collapse left £2.9 million of debt.
Administrators said startup costs ran high and turnover missed expectations, reducing contributions under the deal even as the restructured recruiter promoted an all-expenses-paid Las Vegas incentive trip.
Woosnam also still has an unpaid £1.2 million director's loan tied to the failed company; he had taken nearly £2 million in dividends from Premier since 2022.
KRE Corporate Recovery had rejected a rival bid worth £321,000 upfront plus a possible £110,000 royalty, opting instead for Woosnam's £10,000 initial payment and £600,000 instalment plan.
The case adds to scrutiny of legal 'phoenixism'—restarting a business after insolvency—as HMRC has estimated such practices cost the exchequer about 22% of £3.8 billion in reported tax losses in 2022-23.