Death of a recruitment company

Thus another recruitment firm has disappeared.

This brief email, from William D'Arcy, was the only sign given last week by his London search firm D'Arcy and Co to dozens of bankers and other contacts that it is no more.

The email gave no further explanation. But a clue lay in the fact that the firm specialised in corporate finance - not exactly the hottest part of the recruitment market these days.

D'Arcy and Co, known at first as D'Arcy Durham, was set up in 1999. D'Arcy, who ran the firm, earlier worked as a bond salesman for Lehman Brothers, Bear Stearns and Credit Lyonnais.

D'Arcy said later that there was no business around and he had got fed up of sitting by the phone waiting for it to ring. The last significant work the firm had won was more than 18 months ago.

"Most of the headhunters I know are at their desks twiddling their thumbs," he said. "If banks are hiring at all, they are often doing it directly."

He said seven staff had lost their job through the closure. Most were working again, but not in headhunting.

"I'm not sure what I'll do next," he said. "It could be TV production."