Wed, 27 Dec 2023 | ADMINISTRATION
BE Offices, a London-based serviced office operator with locations across the UK, has fallen into administration after suffering long-lasting effects from the impact of COVID-19. The company, which has ten London offices, has fallen into administration along with 11 subsidiaries.
Two years ago, the firm and 15 subsidiaries, entered a company voluntary arrangement (CVA) two years ago, after it was heavily impacted by COVID-19. The company operates close to 300,000 sq ft of flexible working space across its locations in London, Belfast, Southampton and Birmingham.
In its accounts for 2021, the company reported a post-tax loss of £20.5 million and saw its turnover fall from £36.1 million the previous year to £24 million, citing “the continuing effects of COVID lockdowns and working from home directives”.
The years following the pandemic saw the company close locations in Bristol, Manchester, Canary Wharf, Marylebone and Royal Exchange. As part of a restructuring, the company said it sold off all its remaining freehold properties during 2022 and 2023 as it sought to transitions to a more “agile business with a mixture of shorter term leases, partnerships with property owners, management agreements with landlords”.
ReSolve has reportedly been lined up as the company’s administrator. In the company’s accounts for 2021, its fixed assets were valued at £123 million and current assets at just under £39 million, with net assets totalling £17.3 million.
Find out how soaring insolvencies are impacting UK businesses and creating acquisition opportunities
Established home/healthcare recruitment agency with approx 100 carers available. Ideal for an existing operator business looking to expand.
This is a renowned independent and family-run body shop offering an extensive post-collision service catering to all car makes and models, including motorcycles, motor homes, and vans.
An opportunity to acquire renowned company based in the Midlands specialising in German cars. The company has client has invested significantly in the latest diagnostic equipment to offer the best quality services, including MOT and repairs completed...
26
|
Jul
|
Tunnelling construction technology company falls into administration | ADMINISTRATION
A tunnelling construction technology company based in Basing...
26
|
Jul
|
Sumer firm RMT completes second deal of the year | MERGER
RMT Accountants & Business Advisors, which is part of the Su...
25
|
Jul
|
Occupational health service provider secures PE backing for acquisitions | BUSINESS NEWS
A Hull-headquartered provider of occupational health service...
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.