Serviced office operator calls in administrators
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.
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