Thu, 06 Mar 2014 | ADMINISTRATION
Serviced office firm Evans Easyspace has entered administration with a sale sought by Zolfo Cooper.
Based in Leeds, the £13 million turnover business owns and rents 56 locations offering workspace for small and medium-sized companies in England and Scotland. It additionally offers virtual offices, meeting rooms and self-storage units to its 2,000-strong customer base.
Evans Easyspace was owned in partnership by Persian Ltd and Kodak Pension Plan. Established in 2000 as part of the Evans Property Group, its Evans Management arm acted as the asset manager for the group.
Simon Appell, Alastair Beveridge and Anne O’Keefe have been brought in to manage a restructuring process before a sale. The administrators are tasked with the unwinding of a complex and out-dated 1907 limited partnership structure that presently owns the business.
Despite strong cash flow and a high rate of occupancy at over 90 per cent, the business had been hit by a permanent re-rating of its asset class in 2008, leading to a reduction in the value of the property.
The business is continuing to trade while the administrators assess the options, to include a whole or part sale.
Mr Appell said: “We believe the companies are attractive to a range of potential buyers either to continue in current use or in a number of other guises.”
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