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The Albany Group temporarily suspended its UK operations, but its operations in the US and elsewhere remain strong, according to the company.
Albany plans to appoint an administrator this week with the aim of ultimately restructuring and then moving forward again in the UK, according to a company source. Albany's operations in the US and elsewhere are only indirectly affected by the moves in the UK and remain in business.
In January, Recruiter magazine reported that Albany had apologized for any inconvenience or financial hardship after a 3 million Pounds factoring facility was withdrawn and the company had not been able to pay money owed to some contractors and staffing agencies.
The company uses a US-based bank and remains strong with payments continuing, according to the source. It also uses a Dutch-based bank for its Netherlands operations and a local bank for its Asia Pacific operations.