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
An exciting opportunity to acquire a well-established independent financial advisor firm with £125m in funds under management in Wiltshire.
Although profitable, this business has quality personnel who can continue working, leading to a smoother transition post sale.
This firm represents a superb opportunity to establish a hub, with staff and offices already in place.
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