Tue, 06 Apr 2010 | ADMINISTRATION
Your Space Ltd, the serviced office provider, has fallen into administration and 14 jobs have been lost as a result.
Deloitte’s Daniel Butters and Bill Dawson were appointed as administrators on 26 March. The firm’s shares, which were listed on the AIM, were cancelled on 16 March. The firm was also previously known as Your Space UK plc, Your Space (UK) Ltd and Work Space (North West) Ltd.
The business operated serviced offices in central Manchester and also undertook restoration and refurbishment for Grade 1 and 2 listed buildings in the region. The two administrators from Deloitte were first brought in last November to supervise after creditors approved an interlocking company voluntary arrangements.
Dawson stated, “on appointment we unfortunately had to make 14 people redundant. We continue to seek a buyer for the business.”â¨
He also explained where the firm’s problems arose: “during the creditors voluntary agreement (CVA), the group was unable to dispose of key real estate and subsequently has been unable to invest in its contracting business.”
He went on to explain that the payment plan laid out in the CVA was not met as a result of a failure to convert property into serviced apartments.
The company is a supplier of automation and industrial manufacturing components, catering to a long-standing customer base that spans a diverse range of sectors. Products include electrical motors, gearboxes and motor control drives; electrical equip...
LEASEHOLD
The company provides a comprehensive range of building services consultancy providing mechanical and electrical design solutions, including sustainability and energy performance solutions. The company offers in-depth and flexible services to accommod...
Current order book of circa £775k. Stocks and supplies a variety of precision engineering components, including standard machinery and equipment elements, die sets, press tool components, mould tools, die and gas springs, punches, presses and custom...
23
|
Apr
|
Furniture retail group acquires stock and IP of e-commerce firm | BUSINESS SALE
Flair Furniture, a retail group based in West Yorkshire, has...
23
|
Apr
|
UK administrations update: April 17 – 23 | ADMINISTRATION
Since our last update, the following businesses have been co...
23
|
Apr
|
TC Group merges with Rochester accountancy | MERGER
TC Group has continued to expand through strategic M&A after...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.