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Sales Placement Ltd, one of Ireland's oldest staffing companies founded in 1973, is to be wound up after 38 years in business, the Irish Times reports.
The staffing firm, which specialises in the recruitment of sales and marketing professionals, was bought by its current Managing Director Liz Leavy in 2007 from the firm's founder Brendan O'Reilly.
According to Leavy the decision by the company's bank to withdraw finance was one of the main reasons for the closure. Leavy said "it just got too difficult. For the past nine months the bank (Bank of Ireland) has been putting huge pressure on us and finally withdrew our overdraft facilities and the payroll facilities for the contract side of the business."
While the economic downturn has had a strong impact on the staffing industry Ms. Leavy said "sales and marketing recruitment was relatively immune to the cyclical nature of the employment industry. I feel that the bank could have stuck with us until the market picks up."
A spokeswoman for Bank of Ireland told the Irish Times "we do our best to accommodate our business customers wherever possible and we stress that it is crucial that customers keep the lines of communication open."