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.
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