(Alliance News) - Management Resource Solutions PLC said Wednesday its administrators have not accepted its proposal to buy some of its assets, and will instead move forward with other proposals.
"The directors are unable to take negotiations further and regret that a deal could not be reached," the company added.
Management Resource Solutions lodged a proposal to purchase some assets and liabilities of MRS Services Group, saying it needed GBP2 million in order to fund the proposal. This was after the administrators recommended that in the "absence of a more attractive solution", the Australian companies will be placed into liquidation which would result in the entire workforce being made redundant.
On Wednesday, Management Resource Solutions said: "The board will now urgently explore other options for a solvent future for MRS in order to avoid liquidation."
Adding: "The administrators will advise staff in the next few days of the wind down of operations of MRS Services Group Pty Ltd, with all staff likely to be terminated on November 29 or earlier. The wind down of Bachmann Plant Hire Pty Ltd has begun with employees being made redundant this week and contracts being brought to conclusion. A minor team of staff may be retained on a casual basis post November 29 to attend to asset relocations and accounting functions."
Shares in Management Resource Solutions are currently suspended in London, having last traded at 2.55 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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