Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
ReSolve’s joint administrators Lee Manning and Simon Jagger have completed the sales of multiple businesses within the BE Offices Group.
BE Offices is a “flexible” workspace provider with 300,000 square feet of office space situated across the UK, trading under the eponymous brand, BE Offices, as well as Business Environment and Headspace.
According to ReSolve, the onset of COVID-19 and lockdowns “significantly impacted” BE Offices’ business model, leading to millions of pounds of lost income in the first year of the pandemic. With no real prospect of trading resuming to normal levels in the near term, the directors of BE Offices understood that the “companies were in serious financial trouble”.
ReSolve was retained by BE Offices, and in the first half of 2022 assisted management with formulating a turnaround plan via eleven moratoriums, and subsequently sixteen separate (but interrelated) CVA proposals which were all approved by the creditors.
However, over the following year, demand did not recover to expected levels due to the working from-home paradigm shift and therefore revenue expectations “did not materialise”. By December 2023, the CVAs had failed, and in early January 2024, ReSolve was approached again, this time to run an accelerated marketing campaign.
On 7 February 2024, the sales were completed out of administration to companies owned by most of the management team who will operate under the BE Offices brand. Whilst the companies did not employ any staff directly, there are almost 200 working across the group, and this sale has “secured future employment for the majority”.
Lee Manning, joint administrator and partner at ReSolve, said: “We are pleased to have secured the sales which were vital to saving BE Offices’ business. The effects of the pandemic can still be seen across many industries, and serviced offices and flexible workplaces are a prime example of these lingering difficulties. We are pleased with the outcome and wish BE Offices every success in the future.”
Simon Rusk, joint CEO and founder, BE Flexible Space, added: “We would like to thank ReSolve for their efficiency during this, allowing us to swiftly conclude this period of uncertainty and giving a robust platform for future operations and growth.”
