Scores of locum GPs were left waiting for thousands of pounds in payments when the locum agency - which says it is the largest in the UK - fell behind on payments last month after making changes to its payment system.
Talks to sell the business concluded early afternoon on Tuesday 11 July, just over a week after the company that ran it - known as Evolve Resource Solutions Ltd - filed for administration on Friday 31 June.
Administrators were appointed on Monday 3 July from FRP Advisory – the firm that was drafted in to try to rescue department store chain BHS when it went into administration last year.
Administration is triggered when a company becomes insolvent, and administrators attempt to sell the business – or some of its assets – to rescue it from liquidation.
Locum GP agency
FRP Advisory said the business known as Primary Care People has now been sold off as a whole to a newly-created company called PCP International Ltd.
This means it will be able to continue trading and all 23 staff employed by the company will have their jobs secured. Although the business remains intact, the old company – Evolve Resource Solutions Ltd – has gone bust and no longer exists.
Primary Care People has promised to contact locums facing outstanding payments and ensure they receive all payments owed, despite the change of ownership.
It has also announced a new partnership with the McGinley Group - among the UK's largest recruitment businesses - for support 'on an ongoing basis'.
McGinley Group provides recruitment, consultancy and project-based solutions across healthcare, education, aviation and the space industry. It had a turnover in excess of £100m in 2016.
A statement on the Primary Care People website said: ‘Over the coming days, we will be contacting all locums who have outstanding payments and confirming when these payments will be made.
‘We would like to take this opportunity to thank all of our locum GPs and nurses, clients and staff who have worked with us over this difficult period and we look forward to working with you again.’
It added: ‘After reaching an agreement, we are now in a position to announce an exciting new partnership with McGinley Group. Our new partner will be supporting our business on an ongoing basis.
‘A significant investment has been pledged to allow us to make any outstanding GP payments, to ensure that we can continue to trade with no financial restrictions and most importantly allowing us to deliver on the ambitious growth plans that we set out to achieve when we founded the business.
‘This new partnership with McGinley Group not only offers financial stability for GPs in the future, it also solidifies PCP’s position as the largest primary care recruitment business in the UK. PCP is now proud to be part of the McGinley Group and we are very excited at the prospects off this new partnership and the opportunities it brings.’
FRP Advisory said: ‘The sale to PCP International Ltd ensures a continuity of trading for the Stevenage-based recruitment business which continues to handle the placement of GP doctors, nurses, pharmacists and a range of other health professionals.'