Mon, 05 Apr 2021 | ADMINISTRATION
A company that operated serviced offices across Birmingham and Manchester has announced that it has fallen into administration.
iHub Office revealed that it had experienced "significant financial challenges" as a result of the COVID-19 pandemic, which forced many tenants to give up their office space and work from home.
In its statement, iHub Office announced that it had appointed Arvindar Jit Singh and Rajnesh Mittal, partners at business advisory firm FRP, as joint administrators of the firm and has subsequently ceased trading.
Joint administrator Rajnesh Mittal added that the office space specialist was one of many companies that has been severely affected by the ongoing COVID-19 lockdown restrictions. He added that iHub has now been forced to cease trading as it has been unable to meet its financial obligations.
"The COVID-19 pandemic has had a significant impact on firms of all types," said Mital. "The increase in people working from home has put substantial pressures on the serviced offices industry over the past year."
"iHub Office has been unable to meet its financial obligations and has become insolvent. We’re now focused on ensuring efficient communication with creditors as part of our statutory duties and working with the staff at iHub Office to help them access the appropriate redundancy support."
iHub Office was launched in 2015 under DHR Business Solutions. Having begun with a single office space, it soon grew to offer private office space and hot desking solutions across the two cities. In March 2018, the firm was offered £1.2 million in funding with alternative finance specialist ThinCats, who helped the company expand further.
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