FRP helps secure 35 jobs after Prospect Business Centres sale
Wednesday April 8, 2020
FRP completes sale of Prospect Business Centres to Inc and Co Property Group
We are pleased to have completed the sale of Prospect Business Centres, which provides quality serviced offices and meeting rooms in London and Leeds, in a deal that has saved 35 jobs.
Simon Carvill-Biggs and Miles Needham from our Restructuring Advisory team were appointed as Joint Administrators to Prospect Business Centres Limited and most of its subsidiaries that operated serviced offices.
Within a week, a deal was completed with Inc and Co Property Group to acquire the holding company and seven of its sites.
All 35 staff from across the business have been transferred to the acquirer. Prospect Business Centres (Fountain) Limited, the special purpose vehicle for its site at 4 South Parade, Leeds, remains in administration and the Joint Administrators are engaging with the landlord of the site.
Simon Carvill-Biggs, Partner at FRP, said: “While the serviced office market has grown quickly in recent years, it isn’t immune to challenges facing many businesses to sustain cashflow and perform in a competitive sector. Unfortunately, the business was unable to meet its liabilities as they fell due, which led to the administration.
“Following the appointment, we moved quickly to complete the transaction with Inc and Co Property Group in a deal that secures the jobs of 35 staff at Prospect Business Centres and maintains services at a number of prominent sites in London and Leeds.”