VRS is weighed down with too much debt for its level of profitability. Unlike VAH VRS is weighed down with poor management.
A restructure is in order and I believe an unofficial one has been in place which is why profitable Elton Consulting was disposed - as part of the secured lenders refinancing terms to reduce its exposure.
Most contstruction contracts which VRS would have with all the Tier 1 builders will also have termination clauses if the company is put into voluntary Administration or worse.
VRS big hope would be job seeker if they can qualify - it will reduce their wages bill by about 25% for 6 months but knowings its management will use that to further lower hourly rates!
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