Premier Group Recruitment went bust in September owing nearly £3 million, including £647,000 to HM Revenue and Customs (HMRC). Three days later, a new company, PGGBR Ltd, owned 99% by former boss Andrew Woosnam, bought its assets for £10,000 upfront and aims to pay a further £25,000 monthly until September 2027. This move wiped away the old firm's debts. The new firm has launched an exciting incentive for staff: an all-expenses-paid trip to Las Vegas in 2026 for consultants who hit their targets. They shared on LinkedIn: “That means our consultants have the chance to hit their targets throughout the year and earn an ALL-EXPENSES-PAID trip to Viva Las Vegas.” The company is encouraging new recruiters and those wanting career growth by offering “unforgettable experiences” at zero cost to employees. The old Premier Group reportedly paid £1.95 million in dividends to shareholders in 2022 and 2023, while Woosnam personally owed £1.2 million to the company via a director’s loan. The purchase deal, regarded as a case of "phoenixism," allows Woosnam to restart the business free of debt. HMRC estimates phoenix companies cost it about 22% of £3.8 billion in tax losses reported in 2022-23. Administrators rejected a competing bid that offered £321,000 upfront with potential royalties, choosing Woosnam's much lower initial payment but longer-term plan. No details of repayments to creditors since the administration have been disclosed. The administrators expect to recover only half of the director’s loan. Neither Woosnam nor the administrators commented for this report.