Scottish firm, PRG Recruitment LLP, went into administration on 16 August and a new company, Colesco Consulting Ltd, set up by former PRG director Margaret Richmond, is reported by the Scottish Daily Record to have acquired the business and assets of the professional services recruitment firm.

PRG Recruitment was said to have run into cash flow difficulties, and Companies House records show the administrators, RSM, were appointed on August 16. Colesco Consulting Ltd was incorporated on August 2, while a PRG staff member is reported to have confirmed PRG was taken over by Colesco Consulting Ltd "a couple of weeks ago".

Entrepreneur Steve McCutcheon launched PRG Recruitment in 2002 as a professional services recruitment firm with a focus on financial services, professional practice, commerce and industry.

Colesco Consulting Ltd has two directors - Margaret Richmond, a former director in PRG Recruitment, and Lynne MacDonald. The new company acquired the business and assets of PRG Recruitment from administrators for an undisclosed sum and is now trading from serviced offices in Glasgow. Around seven staff employed at PRG's Edinburgh office are reported to have moved to Colesco Consulting.

Unaudited abbreviated accounts filed by PRG Recruitment for the year ending December 2014 showed debts of £1.97 million falling due within one year of the accounts being signed off on June 10, 2015. The 2014 abbreviated accounts do not provide turnover or profit figures, but McCutcheon is on record forecasting PRG Recruitment would break £10 million in turnover for the 2014 year after claiming sales in the first half of 2014 had risen 73 per cent year-on-year to £4.5 million.

McCutcheon remains a director in PRG Trustees Ltd, which filed dormant company accounts for the 2015 year to July 31.