Fri, 10 Jan 2025 | BUSINESS SALE
East Sussex-based flexible office space provider Platform Nine has been bought out of administration by peer Freedom Works.
The sale was completed by business advisory firm Quantuma with the assistance of their solicitors DMH Stallard. All 26 employees from Platform Nine have transferred to the purchaser under TUPE regulations.
Freedom Works provides work spaces to independent, freelance, start-up or growing companies. Its locations include Chichester, Crawley, Brighton and Southampton.
Quantuma's Sean Bucknall and Elias Paourou were appointed as Joint Administrators of Platform Nine, which has premises in both Brighton and Hove, on 30 December 2024.
Founded in 2016, Platform Nine was an established brand within Brighton and Hove, known for its creative and community-focused approach. Its premises include coworking and office accommodation and meeting rooms, with a café and events space.
The business reported turnover of £2.9 million in 2023. However, due to some legacy issues, Platform Nine encountered cashflow issues and was unable to restructure outside of a formal insolvency.
Jon Trigg, Director at Freedom Works, said: "I'm delighted to provide continuation of 26 jobs and to welcome our new colleagues into our team, as well as continuing to provide meaningful employment space for the local community. We are excited to be part of the next chapter of keeping the Platform Nine brand ethos and community in place, with the plan to grow in time."
Sean Bucknall, joint administrator and managing director at Quantuma, added: "I am delighted to have achieved such a positive outcome for this reputable and well-established business. We are very pleased to have secured the long-term viability of the business, ensuring that all employees' jobs have been saved and allowing the business to continue its journey following this sale to a buyer with the ability to take Platform Nine forwards."
Find out more about how to buy distressed assets
This is a rare opportunity to acquire a well-established and profitable law practice in Hampshire, with a diverse portfolio emphasising crime, matrimonial, and personal injury work.
This well-established law firm in Merseyside has a strong focus on privately held work, offering a diverse range of services, with significant income from residential and commercial conveyancing.
This is an exceptional opportunity to acquire a well-established legal practice with a strong turnover and a diverse range of services including a predominant focus on family law.
18
|
Jul
|
Buyers swoop for divisions of collapsed recruitment and logistics firm | BUSINESS SALE
Two separate buyers have acquired three divisions of a Great...
18
|
Jul
|
Hotel group sells off five more locations | BUSINESS SALE
A hotel group with 16 sites in rural and coastal locations a...
18
|
Jul
|
Administrators market £28.4m-turnover furnishing firm for sale | ADMINISTRATION
Administrators are seeking a buyer following the collapse of...
30
|
Jan
|
Crêperie group bought out of administration | BUSINESS SALE
A UK-based crêperie café chain with outlets aro...
02
|
Dec
|
Administrators on the menu for Carlton & Cole | ADMINISTRATION
Restaurant operator Carlton & Cole has appointed administrat...
08
|
Nov
|
Pre-pack deal saves over 30 jobs at Grimsby fish firm | BUSINESS SALE
A Grimsby-based seafood wholesaler has been bought out of ad...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
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.