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ReSolve completes multiple business sales within the BE Offices Group
ReSolve partners and joint administrators Lee Manning and Simon Jagger have completed multiple business sales within the BE Offices Group, securing hundreds of jobs
Joint administrators Lee Manning and Simon Jagger of ReSolve have completed the sales of multiple businesses within the BE Offices Group (“BE Offices”, the “Group” or the “Companies”).
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.
The onset of COVID-19 and ensuing 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 effectively secured future employment for the majority.
We are pleased to have secured the sales which was 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.
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.
This article was originally published on ReSolve Advisory Limited. On 28 October 2024, ReSolve Advisory Limited joined S&W Partners LLP (formerly Evelyn Partners LLP). While considerable care was taken to ensure the information contained within this article was accurate and up to date at the time of publication, no warranty is given as to the accuracy or completeness of the information. No liability is accepted for any errors or omissions in such information or any action taken on the basis of this information.