Quantuma LLP partners Carl Jackson and Andrew Watling have been appointed as administrators of London-based flexible office space group, Central Working.
Citylounge Ventures Limited (which trades as Central Working) runs a UK-wide network of shared workspaces, providing a home to more than 2,000 businesses. Tenants, or “members” range from high-growth startups to larger businesses with up to 100 employees.
Central Working was launched in 2011 after its founder is said to have decided that traditional office space no longer suited the modern business, as traditional leases limited them to spaces that they either outgrew quickly or struggled to fill if growth was insufficient.
Central Working proclaims to be a service business, focused on helping members grow their own companies by introducing them to valuable connections, such as prospective clients, potential new hires and last minute suppliers.
Quantuma, the fast-growing business advisory firm, was appointed administrators when efforts to restructure the company failed and creditor pressure on the business increased.
Andrew Watling, partner at Quantuma, said: “Carl Jackson and I have been appointed administrators over Central Working due to financial issues, apparently caused by historically low occupancy levels and a failure to obtain additional funding.
“However, the underlying business now appears to be profitable and capable of sustainable growth. For this reason, we received and continue to receive several expressions of interest in the business. Subject to negotiations, we hope to be in position to announce a sale within a relatively short period of time and are already in advanced talks with a prospective purchaser.
“Continuing to trade is a key priority for the administrators, meaning that the announcement of the administration will have little or no day-to-day effect on Central Working’s members. Quantuma and Central Working will continue to work with its landlords and suppliers to maintain the quality of service its members expect.”
No redundancies have been made or are planned and we are looking to achieve the best possible outcome for creditors.