Recruitment firms closing at fastest rate in past 15 years

RECRUITMENT agencies are closing at the quickest pace in a decade and a half, as firms abandon hiring plans due to increasing taxes and global economic instability.

- SIMON HUNT

A City AM analysis of insolvency disclosures reveals that around 120 recruitment businesses have gone into liquidation in the past six months.

This represents a 17% increase compared to last year and is the highest rate since the financial crisis.

The downfall of these agencies suggests a significant nationwide hiring slowdown, often seen as an early indicator of a recession.