Beleaguered recruitment firm Hamilton James & Bruce Limited (HJB: ASX) has announced they have gone into  administration. In a statement, the recruiter confirmed that it had made the difficult decision to appoint Scott Turner of Hedge & Associates as administrator pursuant to Section 436A of the Corporations Act.

Grahame Doyle, CEO of Hamilton James & Bruce, stated: “As previously announced by the company, the fee income of the business has been experiencing a downturn resulting in the company generating losses. Whilst cost cutting measures and restructuring have been undertaken this has not proven sufficient to return the company to a profitable position.”

“The company is disappointed that this decision has eventuated but would like to thank all those people especially our employees, past and present that have worked hard to build one of the most respected brands in the recruitment industry,” Mr Doyle added.

On the 2^nd September, Hamilton James & Bruce were suspended from the Australian Securities Exchange (ASX) for failing to lodge their periodic reports for the period ended 30 June 2013, in accordance with ASX rules.   

Hamilton James & Bruce recruits at the senior executive, management operational, and support levels, The company also provides long term and short term temporary and contract senior level specialists.

In their last available results, the company reported revenue of AUD 20 million (USD 18.1 million) for the six months ending 16 December 2012, equating to a -26% drop compared with the same period the year before. Operationally, the company reported a loss of AUD 1.2 million (USD 1.1 million) for the same period.

Mr Doyle continued: “To ensure the continuity of employment to our contractors and temporary staff, and the ongoing supply to our clients, the contractor book of the company has been sold prior to the appointment of the administrator. The company has taken this decision to provide the best possible outcome for all parties, ensuring continuity of employment for temporary employees and contractors, and continuity of supply to our clients.”