I believe that the Relax Group went into administration but that does not mean that all parts of the group are insolvent. Relax had a loan division which was severely affected by the credit crunch but the Synergi part of the group may well be trading profitably and can be sold. There are a number of articles you can read if you google 'Relax group in administration'
I cannot comment Paul - as I do not have in depth knowledge about this particular company and its financial position. As Michael says there has been much press comment over the last couple of days which will enable you to pursue your curiosity!
The only thing that matter is that if Synergi itself folds, then the clients will be tranferred to other companies and they need have nothing to worry about.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
That would make them a really big firm wouldn't it Andy?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Looks like a case of poor corporate governance from the little I have read. Again. I am starting to wonder if companies are ever going to learn.
How very, very sad for everyone affected.
Just an small update for you, as some of you know i was one of the unfortunate 100+ people who was made redundant from Relax Group in september, and i still have friends within the company, although the company have entered administration, and have been looking to for the last 4 weeks, they are extremely hopeful of finding buyers for the exsisting IVA and DMP cases, they is also a possibility that they can continue trading with new owners. There are still over 100 staff in relax, and although some of the management wouldnt bother me, the administration and sales teams do, and they are struggling to cope at present, but still willing to do the best by its clients, after all, it isnt there fault.
Hi
Absolutely and I for one hope that they can continue to trade. Terrible time of year to be facing the possibility of a job loss.
Fingers crossed for all
Regards
I too hope it works out for the staff who have done nothing wrong as there are certainly good parts of the business that were well run and should be able to trade on.
I hope you manage to find something soon Synstaff.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
