Overview:
On 19 August 2025, David Kemp and Richard Hunt of Exigen Group were appointed Joint Administrators of Pier 2 Pier Care Services Ltd, a healthcare recruitment agency based in Worthing. The company supplied temporary staff to care homes and mental health services across the South Coast, and Exigen took control following mounting financial pressures.
Background:
Founded in 2018, Pier 2 Pier grew quickly, achieving turnover of £1.3m by 2023. However, the COVID-19 pandemic disrupted operations, with restrictions on agency staff and mandatory vaccinations causing severe challenges. While the company recovered post-pandemic, further cashflow issues led to missed HMRC payments and mounting arrears. Despite attempts to agree a Time-To-Pay arrangement, creditor pressure intensified.
Financial Challenges:
By mid-2025, liabilities were mounting, including a Bounce Back Loan, £124,000 owed to HMRC and £100,000 to its invoice finance provider, Novuna. With no viable restructuring options, the directors sought professional advice.
Exigen’s Appointment:
Introduced by Novuna, Exigen engaged with the directors in July 2025. After reviewing the position, Exigen advised that Administration offered the best route to protect value and mitigate liabilities. On appointment, Exigen implemented a pre-pack sale strategy to preserve continuity and maximise recoveries.
Outcome:
The business and assets were sold inline with independent valuations. The sale was structured with deferred payments and secured by a personal guarantee. All employees were transferred under TUPE, ensuring continuity of care services and saving jobs. While no dividend is expected for unsecured creditors, the sale safeguarded the secured creditors’ position and mitigated further liabilities.
Administrator Comments:
David Kemp of Exigen Group commented:
“This was a fast-growing recruitment business in a competitive sector. The restructure provides a platform for stability and future growth, ensuring continuity for clients and preserving jobs.”